VIENNA, VA – FOLIOfn, Inc., announced today that it has partnered with First Responders Financial Services LLC, to offer the “First Responders Cash Account”, to first responder organizations (such as police, fire and medical departments). This Cash Account is a superior alternative to CD’s and business checking accounts for these organizations as it combines the benefits of both – the high interest rates of CDs and the full liquidity of checking accounts -- without the disadvantages of either, while also offering extended FDIC insurance (currently, up to $1.75 million). These Cash Accounts currently pay 5.07% APY which is over 3.5x times the national average, with no early withdrawal penalty or lock-up period.
First Responders Cash Accounts are being offered by FOLIOfn Investments, Inc. the innovative broker-dealer and online securities firm serving both individual investors and advisors, in association with First Responders Financial Services LLC, a comprehensive financial and insurance services company serving the nation's 13 million active and retired first responders, their families and their organizations.
“This marks the first institutional relationship we have established for our innovative extended FDIC insured cash program,” said Steven M.H. Wallman, founder and CEO of FOLIOfn. “We are pleased to inaugurate this next evolution of cash programs with First Responders, an institution dedicated to some of the most important civil servants that we all rely on to protect us every day.”
The First Responders Cash Account meets the demands of a wide variety of institutions, foundations and organizations.
• Extended FDIC insurance coverage for balances up to $1.75 million
• FREE electronic ACH’s
• No check processing fees
• No lock-up or holding period on funds, or withdrawal penalties
• Online Access
• Toll-free customer service
The First Responders Cash Account is limited to Institutional accounts. $50,000 is required to earn this high interest rate (if the balance falls below $50,000, no interest is paid).
The extended insurance is offered by combining the resources of many banks in a unified program – ordinarily CDs and other bank deposits offer insurance only up to $100,000.
”This is a much needed financial product,” said Dennis Smith, Chairman of First Responders Financial. “Until now, fire departments, ambulance corps, and hospitals have been investing their cash reserves in CDs, if they can keep it locked up, to meet their fiduciary demands in preserving their capital, or else in lower interest checking accounts. But, now, they can get high rates of interest, full liquidity with no withdrawal penalty, and FDIC insurance up to deposits of $1.75 million. This will result in more money available to operate their most important institutions.”
Peter Hayden, the Vice-Chairman of First Responders and recently retired Chief of the New York Fire Department, added, “We are committed to bringing the best possible investment products exclusively to first responders. The First Responders Cash Account truly is the best institutional product right now, and every chief will jump at this opportunity.”
First Responders Financial will be marketing the program to first responders and will receive a small percentage of assets under management for that service.
About First Responders
First Responders Financial Services LLC is a comprehensive financial and insurance services company serving the nation's 13 million active and retired first responders, their families and their organizations. First Responders was founded in 2005 by Dennis Smith who served 18 years as a New York City firefighter. The company provides credit cards, mortgages, auto and home insurance, investments and retirement plans. For more information visit www.firstresponders.com.
About FOLIOfn
FOLIOfn is an innovative online securities firm that provides a patented platform allowing investors to economically create and manage a diversified portfolio. Using listed securities, actively-managed mutual funds, index funds, ETFs and other securities, investors can purchase entire portfolios in a single transaction, with no minimum, investing by dollar amount or number of shares. The company also provides a comprehensive platform for more than 150 registered investment advisory firms, independent broker-dealers, and money managers through its FOLIOAdvisor service. Founded by former U.S. Securities and Exchange Commissioner, Steven M.H. Wallman, FOLIOfn has grown into one of the largest brokerages by number of trades handled in the U.S. The firm's goal is to foster investor success by adding clarity, value and integrity to the investor experience. For more information please visit www.foliofn.com.
