Oak Brook, IL – April 25, 2013 – Millennium Trust Company, a leading financial services firm specializing in the custody of alternative assets and rollover programs for individual retirement accounts (IRAs), now offers a Visa® prepaid card as another option to account owners requesting distributions from their IRAs. A report by the Federal Deposit Insurance Corporation (FDIC) indicated more than 20% of U.S. households are “underbanked,” meaning they do not completely rely on the traditional services of savings and checking accounts. Instead, they rely on alternative financial services such as; utilizing payday loans and check cashing services as well as deciding to operate almost all finances entirely in cash. Continuing to develop innovative services, Millennium Trust rolled out the prepaid card option in response to the increased number of clients who have limited or no access to banking transactions. With a 30% projected annual client growth rate in its automatic IRA rollover program, Millennium Trust’s core focus is responding to clients' needs and designing solutions accordingly.
”As we continue to grow, we are excited to offer this new prepaid card option which serves as a helpful alternative for our clients, especially those without a banking relationship that are opting for a one-time distribution of their IRA funds,” states Terry Dunne, SVP of Automatic Rollover Programs at Millennium Trust.
The new prepaid card solution offers the following:
- A more secure, portable and convenient option as opposed to traditional checks
- Fast cash access, particularly if the client has limited or no access to traditional banking facilities
- The option to deposit the distribution into a bank account or rollover the funds into another IRA through a “pre-check”
- Online capability to check balances, transfer money to a checking account, or deactivate and replace a lost or stolen card
- Access to 24/7 multilingual customer service support
By providing this new solution, Millennium Trust’s account holders may elect to receive payment from their IRA distributions on a prepaid card instead of a traditional check - an all around more efficient and safer option.
About Millennium Trust Company
Millennium Trust Company is a leading financial services firm offering niche alternative custody solutions to institutions, advisors and individuals. We serve as a complement to traditional services offered by other custodians. Our innovative solutions include alternative asset custody, rollover solutions, private fund custody and advisor support services. Additional information about Millennium Trust Company may be found at www.mtrustcompany.com.
Millennium Trust performs the duties of a custodian and, as such, does not provide investment advice or sell investments, nor offer any tax or legal advice.