Magazine article American Banker

Bank of N.Y. Pushing Small-Business Cash Management

Magazine article American Banker

Bank of N.Y. Pushing Small-Business Cash Management

Article excerpt

Bank of New York Co. has a long tradition of serving large corporations with cash management accounts. Now it is pushing to make its service, known as CheckInvest, better known to small businesses.

The bank's newfound interest comes as small businesses have demonstrated a growing need for cash management services.

"Small business has gotten more sophisticated," said Christopher J. Taylor, the Bank of New York senior vice president responsible for small business banking. "Rather than having their cash sitting idle in a checking account, they want growth."

Still, Bank of New York is specific about how small is small.

"It's a $20,000 target balance - it's not something that Joe's Stationery Store is going to use," Mr. Taylor said.

He added that most accounts set a balance of $30,000 before a sweep is made.

Similar accounts for entrepreneurs and middle-market business are pitched in the New York metropolitan area by Merrill Lynch & Co., which offered the first cash management account in 1972. …

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