Trust Custody Services

Presidential Bank offers high quality, full service trust custodianship for a low annual fee with no minimum assets required.

 

Our comprehensive services allow you to consolidate your investments at one location, saving the time and effort required to track investments held at several mutual fund companies and/or brokerage firms.  By establishing a custody account, you can maintain a single account holding all your investments, tracking all transactions and cost basis information for tax purposes.

 

Our custody capabilities include:

  • Comprehensive Reporting
    Itemized transactions and a complete list of all investments held in your custody account are provided in a detailed monthly statement.  Specialized reports are available upon request.  
  • Online Account Access
    Presidential Trust Custody Customers can access their custody accounts online for up-to-date balance and valuation information.  To view the online account access User Guide, click here.
  • Record-Keeping
    Records are automatically maintained showing all details of purchase, sale and other security transactions, including acquisition date and cost of the security.  These records itemize all account receipts and disbursements, with amounts and sources or payees.
  • Income Collection and Disbursement
    Dividend and interest payments are automatically deposited to your custody account on the payment date.  You can select the reinvestment option for any portion of your income.  You can also set up automatic recurring cash distributions from your custody account.
  • Corporate Actions
    You will be informed in a timely manner of any publicly announced calls, conversions, stock rights offerings, stock splits, mergers and tender offers, to allow you time to make a decision.
  • Asset Security
    Presidential Bank has full responsibility for safeguarding all the investments that are held in your account.  The assets held in a Trust Custody Account are segregated from the Bank’s assets and cannot be accessed to settle any claims against the Bank.
  • Securities Trading
    You can purchase and sell your investments by notifying us either by telephone or through your online account access.  All trades will be directed to the broker of your choice, if you wish, or otherwise the trade order will be directed to low cost institutional trading partners that have been vetted and approved by Presidential Bank.  Domestic and international securities trades are performed as an accommodation to our customers at our cost, and we do not add any commission to execute securities trades on your behalf.
  • Cash Management
    Cash that is in your account awaiting your investment decision can be invested on a daily basis in a money market instrument of your choice or the High Yield Trust Money Market investment account.  
  • Third Party Mail and ACH Deposits
    You can instruct third parties to mail checks for immediate credit to your trust account, subject to collection.  Third parties can send checks directly to Presidential's post office box or by electronic funds transfer.  This process will provide more timely credits to your account than if you first receive and aggregate cash receipts for deposit, resulting in quicker investment of your funds.
  • Payable-Through Drafts
    Payable-through draft processing can be established for payments from your account.  This payment process is used to maintain control over payments by check, after the check is issued.  Payments by payable-through draft will remain subject to your approval before the payment will be cleared.


Presidential Bank’s Trust Department is a qualified custodian to hold your IRA assets.  Presidential’s Trust Department can act as your custodian for the assets owned by your Self-Directed IRA, processing all transactions, performing requisite recordkeeping, filing necessary reports with the IRS, issuing account statements, forwarding investor materials received in your behalf, helping you to understand the rules and regulations pertaining to certain transactions, and performing other administrative duties.  Our Trust Department staff is trained and experienced and ready to help you establish your flexible asset IRA.  Call today and get started, 301-951-5082.

Last Modifications: 9/21/2018 1:40:32 PM