General
TALEA® | Lync™
Cash Advantage Checking
Securities-Backed Line of Credit
General
Who do I contact for questions about my client’s account?
Please contact us at 877.648.4896.
Does my client have access to view their transactions?
Clients may view all their transactions online by visiting Online Banking at cashadvantageclient.com.
When can my client expect to receive checks?
If your client selected the check option when completing the line of credit or deposit application, the checks should arrive within 7-14 business days from account opening. For any other orders, or reorders, checks should arrive within 7-14 business days from the order date.
How does my client sign up for online statements?
It takes just a minute to sign up for online statements. Your client must log into Online Banking and navigate to “My Accounts > Account Services > Change document delivery method.” Your client will be provided with disclosures and information about electronic statements and will be asked to consent to receiving statements electronically.
Please note that the client will receive one more paper statement after signing up for online statements. Only statements generated after the online statement activation date are available for online viewing.
Statements are produced only if there is an outstanding balance on the line of credit account.
Online statements can be easily saved to a personal computer or by choosing “Download Banking Transactions” on the Accounts page and then downloading the account history to Quicken®, MS Money® or other accounting software. Statements can be printed if a paper copy is needed. (Adobe Reader is required).
Can I get a copy of my client’s statement sent to me?
Yes, your client may choose to have statements sent to you by completing a Change Third Party Statement Recipient request.
Where are the forms for changing items related to my client’s account?
Account maintenance forms are found in the Forms section.
How may I view a client’s account online?
You can now manage your clients’ accounts using The Bancorp TALEA® | Lync™ client account management application. Lync is accessible through the TALEA® platform using your existing log-on credentials. Lync provides financial professionals with more advanced and expanded account management functions for new and existing accounts. Learn More
Cash Advantage Checking
How are my client’s AssetMark Trust and Cash Advantage Accounts linked?
The AssetMark Trust custodial account number that was listed on the application is linked to the Cash Advantage Checking Account for purposes of transferring funds between the checking account and the AssetMark Trust custodial account. For more information, see Cash Advantage Checking.
How does my client change their Target Minimum and Target Maximum?
Target Minimum (required) and Target Maximum (optional) can be changed easily by completing the Target Balance Change Form. Your client can also change the Target Minimum and Target Maximum using www.cashadvantageclient.com, by logging in and going to the Funds Transfer tab and choosing “Manage Monthly Target Balances” from the links on the left.
How can my client sign up for bill pay?
Your clients can sign up for bill pay quickly and easily. Clients can log into their account at www.cashadvantageclient.com, click the Bill Payment tab, and complete the registration form. In just a few seconds, your clients will be able to begin setting up payees and payments in the same session.
Where are my client’s debit cards?
Your client’s debit cards are ordered once the account is opened. Debit cards and PIN numbers arrive separately, usually within 7-14 business days after account opening. If you have questions about the status of a client’s check or card order, please call 877.648.4896.
How does my client make a deposit?
There are numerous ways to make a deposit, including wire transfer, automatic or manual transfers, and check deposit. Please see Deposit Options for complete information.
Why is my client unable to link a Cash Advantage - Checking Account to an IRA?
Any distribution or withdrawal from an IRA will incur an additional 10% early withdrawal tax penalty. Due to the unique link that exists between a Cash Advantage - Checking Account and a AssetMark Trust custodial account, any transaction involving a Cash Advantage - Checking Account (monthly transfers, bill pay, overdrafts, etc.) has the potential to draw from the AssetMark Trust custodial account, thereby creating an undesirable taxable event in the IRA.
How are interest rates on deposits reviewed and determined?
The Bancorp Bank, N.A. routinely conducts competitive assessments relative to the Cash Advantage Program and other interest bearing programs and sets rates of return based on that market data.
How does my client use the debit card when there are no branches?
Your client may make withdrawals or deposits and check their account balances from any ATM participating in the program at thousands of ATM machines in the United States and worldwide.
What fees are associated with the Cash Advantage – Checking Accounts?
There are no monthly service fees to maintain these accounts. Typical banking fees apply for items returned for insufficient funds and wire transfer transactions. Please review the Schedule of Fees.
How would my client initiate one-time and recurring payments to third parties?
Your client may access our easy-to-use on-line bill pay features available when they login to cashadvantageclient.com using their secure credentials.
To which accounts may the Cash Advantage – Checking Account be linked?
Cash Advantage - Checking Accounts may be linked to any non-qualified account with the same registration as the Cash Advantage - Checking Account.
- Only one AssetMark Trust Account and one checking account may be linked.
- A few exceptions apply
How do I open a Cash Advantage – Checking Account and where can I find the forms?
You may open a new Cash Advantage – Checking Account by using eWealthManager.com to pull up your client’s account in the Online Maintenance Tool. Select the Add Checking Account feature and follow the instructions to generate the required forms.
Can I link a Cash Advantage – Checking Account to a AssetMark Trust custodial account at the time I am opening the AssetMark Trust custodial account?
Yes, the Cash Advantage – Checking Account can be opened at the same time as an AssetMark Trust custodial account. Automatic monthly transfers and target monthly sweeps between the accounts will begin after the checking account has been funded.
After the application is submitted, what expectations should I set with my client regarding the new Cash Advantage - Checking Account?
If the forms and required information are received in good order, the client’s checking account will be opened within 3-5 business days typically. Within 7-14 days, The Bancorp Bank will send your client a Welcome package for the Cash Advantage – Checking Account. Checks, debit cards, and a Personal Identification Number (PIN) mailer will also be mailed to the client.
Will my client receive a Form 1099-INT for their deposit account?
Tax forms for the prior tax year are mailed to the address on file for the account no later than January 31st. The 1099-INT form is used to report interest of $10 or more. Learn More
Securities-Backed Line of Credit (SBLOC)
How does my client access the SBLOC?
Once the line of credit is in place, your client may access the available credit through the following disbursement methods: by requesting a wire transfer, by using Online Banking or by using line of credit checks. Your client may select the check option when completing the line of credit application or at any time after the account is opened. You may order line of credit checks on behalf of your client by calling us at 877.648.4896 or your client may call our customer service department at 877.648.4880.
How does my client make payments or pay off the line of credit?
Your client may request to have their loan account paid off in full and closed. For more information about making payments or to get a payoff quote, click here or call 877.648.4896 .
Can my client continue to use the securities account check-writing privileges?
Check writing privileges associated with the securities account held at your firm will be terminated when the account is pledged as collateral and the new SBLOC becomes available. Remember, the SBLOC offers check-writing access.
Is trading permitted within the securities account that is being used as collateral for my client’s SBLOC?
Yes, trading within the securities account being used as collateral for the client’s SBLOC is permitted. However, major changes in the asset allocation of the securities account might reduce the amount available to the client to borrow.
What if a security in the securities account is no longer eligible to serve as collateral, or if while trading in the securities account, an ineligible security is purchased?
Ineligible securities held in the securities account held at your firm will be automatically excluded from collateral valuation, and the SBLOC limit will be adjusted accordingly and in certain circumstances, a request for additional assets could be triggered.
What happens if my client’s securities go down in value?
Depending on the relationship between the value of your client’s securities account, the SBLOC credit limit and the amount, if any, that has been borrowed, devaluation of collateral may:
- have no consequence;
- limit access to funds; and/or
- require a deposit of additional assets or an immediate payment
If the value of the collateral falls significantly, the Bank may contact your client to request that additional funds be placed into the collateral account. If your client’s credit limit is reduced due to a change in collateral value, it is subject to increase as your client’s pledged securities gain in value.
What would cause the credit limit on my client’s SBLOC to be reduced?
The credit limit is automatically reduced if the borrowing power or “Advance Rate” value of the pledged securities no longer supports the approved credit limit. It is important that your client verify both the current credit limit and available credit before requesting advances or writing checks, as no specific notice is provided if the credit limit changes.
Will my client receive a Form 1098 for the interest paid on their line of credit?
Your client will not receive a tax form for the line of credit. A Form 1098 is used to report mortgage interest of $600 or more. Learn More
Can my client initiate an automatic payment (ACH Debit) from their account at another financial institution to draw on the line of credit?
Automatic payments (ACH Debit) initiated by a third party such as a financial institution to draw funds from the line of credit are prohibited. ACH Debits will be rejected. Please note that fees may be assessed by the initiating third party when ACH Debit transactions are rejected.