Year-end Processing Deadlines and Reminders
As the year-end approaches, we are expecting a significant increase in transaction volumes. Below, you will find essential information regarding year-end requests. Please study the key cutoff times and best practices below to ensure smooth processing.
Click here to review Pershing's full year-end processing guidelines.
Key Year-End Cutoff Times
- Pershing will process transactions on the same day if received in good order via Asset Movement by 3 p.m. ET. Due to high volumes, from December 19 to December 29, 2023, the cut-off will be noon ET. Items received after noon ET will be processed on a best-efforts basis.
- Check disbursement requests must be received by noon ET if regular mail delivery or 10:00 a.m. ET if overnight delivery.
- Automated Clearing House (ACH) transactions must be received by 1:30 p.m. ET for same-day processing. Due to high volumes, from December 19 to December 29, 2023, the cut-off will be noon. ET. Items received after noon ET will be processed on a best-efforts basis.
- Transactions received outside of the Asset Movement workflow must be received by 2:30 p.m. ET for same-day processing (such as 100% withholdings for federal and state taxes). Due to high volumes, from December 19 to December 29, 2023, the cut-off will be noon ET. Items received after noon ET will be processed on a best-efforts basis.
- Requests received after the cut-off time will be processed on a best-efforts basis.
The Money Movement Tile
New this year is the Money Movement Tile. This tool gives you the ability to quickly and easily process year-end requests, allowing you to:
- Enter requests directly from a client's page in Unio
- Employ required fields to reduce the possibility of rejected requests
- Easily view cash availability directly within the tile
- Upload documents directly within the tool
- Keep track of each transaction until complete
Pershing's Annual Inactivity Fee
Pershing brokerage accounts defined as inactive will be charged the annual inactive custody fee. To avoid this fee, accounts must meet the criteria for an active account by December 29, 2023. Retirement accounts, managed accounts and accounts holding only “book-entry” positions or money market funds will not be charged.
Click here to review the criteria for inactive and active accounts. Several reports are available to manage inactive accounts. Please review the information and reporting available prior to December 29, 2023.
Please reach out to the Cashiering Team if you have any questions.