CHICAGO, Feb. 17, 2021 /PRNewswire/ -- NEA Member
Benefits (NEA MB) announced today it is offering a new cash
management account (CMA) in partnership with Investor Cash
Management (ICM) that integrates saving, investing, and spending.
The NEA Smart Money program enables NEA's three million members to
have immediate access to their funds in both FDIC insured accounts
and investment accounts, with the aim of obtaining higher returns
than those offered by conventional bank accounts.
The NEA Smart Money program provides the convenience of a Visa ®
(NYSE: V) contactless debit card linked to both an account hosted
at Sutton Bank (member FDIC) and a brokerage account hosted at
DriveWealth (member of FINRA and SIPC). ICM's patent-pending
technology allows immediate access to cash and invested funds for
in-store and online purchases, ATM withdrawals, and bill payments.
Members can manage their accounts via an NEA-branded Apple/Android
app and corresponding web portal.
The NEA Smart Money program combines the convenience of a
traditional bank account with the benefits of a brokerage account.
Furthermore, it employs best-in-class technology and
financial education to provide access to quality investment
products to all accountholders and seeks to reduce racial and
gender investment gaps.
Gary Phoebus, CEO of NEA MB, commented: "Our enduring promise is
to make NEA members' lives better. Through our carefully
vetted, best-in-class programs, we are pleased to work with ICM to
offer a unique product that helps empower members to work towards
their financial goals."
Fred Phillips, CEO of
ICM, said: "ICM was created to provide both new and
experienced investors a new way to manage their assets. By
partnering with NEA MB and simplifying the investment process for
NEA members, more than three million educators can access
high-quality financial products to help build a better financial
future."
Daniel Noonan, PIMCO Executive
Vice President and Head of ETF Sales, said: "Innovation has long
been a driving force in PIMCO's culture. Through our
collaboration with ICM, we are pleased the NEA Smart Money account
enables millions of educators to access PIMCO investment products
to help attain their financial objectives."
NEA members can access the NEA Smart Money program and create a
cash management account through the NEA Member Benefits portal and
begin putting their money to work today.
About the National Education Association
The National Education Association is the nation's largest
professional employee organization, representing more than 3
million elementary and secondary teachers, higher education
faculty, education support professionals, school administrators,
retired educators, students preparing to become teachers, health
care workers and public employees. Learn more at www.nea.org
About NEA Member Benefits
For more than 50 years, NEA Member Benefits (NEA MB) has
provided education professionals with solutions that help make
their lives better so they can focus on educating and supporting
students. Through its carefully vetted, best-in-class programs and
services, NEA MB offers solutions to help its members plan for a
secure future, maximize their hard-earned dollars, receive support
in times in challenging times and live their best life. NEA members
can access their benefits at www.neamb.com
About Investor Cash Management
Investor Cash Management (ICM) has developed unique technology
to create cash management accounts (CMAs) linked directly to
high-yield FDIC insured accounts and specified SEC-registered
securities (e.g., government money market funds, mutual funds,
and/or ETFs), thereby enabling the client to obtain exposure to a
combination of higher investment return potential through an
investment account and immediate liquidity through a bank product.
All investment products contain risk and may lose value. ICM
supports its distribution partners by providing them with turnkey,
customized CMAs, including a branded Apple/Android app, web portal,
and investment debit card. For more information, visit
www.InvestorCashManagement.com
Disclosure:
The NEA Smart Money Card is issued by Sutton Bank, Member FDIC,
pursuant to a license from Visa U.S.A. Inc. All investment products contain
risk and may lose value.
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SOURCE Investor Cash Management