PFPC, a member of the PNC Financial Services Group, has launched a program that will offer clients the ability to deposit funds intended for brokerage accounts via ATM machines. Customers can deposit a check, and if it is received before 3:00 p.m. Eastern time, it will be processed the next day. The funds are moved from the point of deposit in a completely paperless transaction.
"For over 20 years, PFPC has provided banking transaction services to brokerage firms, fund complexes, insurance companies and other financial institutions," said Nancy B. Wolcott, executive vice president and business executive, PFPC's shareholder services group. "When a broker signs up for the ATM brokerage account deposit services, they gain instant additional leverage with clients and prospects. One of the biggest stumbling blocks to brokerage accounts is providing a convenient way for customers to deposit funds. Through this service, customers have the ability to deposit funds right into a brokerage account at a nearby participating ATM."