Pershing is pleased to announce the launch of the enhanced asset management product, Corestone™, which will replace ProCash Plus® in September of this year. This powerful tool provides a robust program that offers more flexibility, greater ease of use.
Improved Account Features
– Easier to use Gold and Platinum Visa® debit card
New PNC debit cards will be easier to use, with a choice of signature or personal identification number (PIN)-based functionality. Clients will be able to obtain cash back at the point of purchase (subject to store limits) using the debit card, and enjoy great built-in benefits, such as auto rental discounts and worldwide automatic travel accident insurance at the Gold and Platinum levels. Plus, each Corestone account owner will receive a unique card number, resulting in additional security and greater access to cash.
– ATM upgrades
Higher ATM limits will allow greater access to cash at the Gold and Platinum levels. In addition, the ATM network of our new bank sponsor, PNC Bank (PNC), has over 6,500 ATMs, providing access to cash 24 hours a day, 7 days a week. Importantly, PNC does not charge ATM withdrawal fees. As an added benefit, if your clients use an ATM outside of the PNC network, monthly ATM withdrawal fees will be reimbursed on the first $5 for Gold accounts and on the first $10 for Platinum accounts. Finally, additional ATM access through the Allpoint® network, including over 43,000 surcharge-free ATM locations worldwide, is offered through Corestone. There are no additional ATM fees charged by Pershing for access to any PNC or Allpoint ATMs.
– Improvements to BillSuite™
BillSuite™, our complete bill management system for NetExchange Client® users, will be enhanced to improve the client experience and simplify system usability. In addition, the premium level of BillSuite, including options for electronic bill delivery and bill payment, will be available at no additional charge for clients selecting this service.
Note: BillSuite is not available for former Resource Checking accountholders who were converted to ProCash Plus Silver in 2010.
– RewardSuite™ enhancements
RewardSuite™ is our debit card rewards program provided exclusively to Gold and Platinum Corestone clients. Upgrades to RewardSuite for Platinum clients include airline rewards with fewer restrictions and concierge services online or by telephone. In addition, we are planning other RewardSuite enhancements to offer additional benefits to both Gold and Platinum Corestone clients.
– Added NetExchange Client functionality
NetExchange Client users will now be able to retrieve images of cancelled checks under the History tab within NetExchange Client by clicking on the “Details” link of the transaction. Note: Former Resource Checking accountholders who were converted to ProCash Plus Silver in 2010 will not have access to check images.
Conversion of ProCash Plus Accounts
Pershing will notify existing clients about the conversion from ProCash Plus to Corestone through a negative consent letter on or about September 12, 2011. Clients will also receive a copy of the new account agreement that will govern their account. Existing ProCash Plus accounts will automatically convert to Corestone in November.
Changes for Existing Accountholders
Clients with existing ProCash Plus accounts will convert to Corestone and will receive new PNC checks via a mailed “starter kit.”
Please see the important notes below:
- Existing clients may use their current checks until they receive their starter kit.
– Clients with standard checks will receive 25 PNC starter checks.
– Clients with duplicate checks will receive 100 PNC starter checks.
– Clients with business checks will receive 90 PNC starter checks.
- PNC starter checks will have a different design and color than clients’ current and new Corestone checks. Clients should immediately stop using and shred their current checks as soon as they receive their new PNC checks.
- Any automated debits or credits (e.g., authorized debits and direct deposits) or bill payment instructions that clients have set up with their account will need to be updated.
- Any checks, authorized debits or direct deposits that are presented after February 29, 2012, to a client’s current account provider will be automatically returned unpaid. This date cannot be extended under any circumstances.
Each client will receive his or her card in a separate envelope, and each card and PIN will need to be activated separately. Please note that clients can continue to use their current MasterCard® up to the moment that any one of the new Visa cards is activated. It is highly recommended that all cards on the account be activated at the same time, as the MasterCard will no longer be valid once a Visa card is activated. In addition, clients should immediately update any automated payments to their new Visa cards. Visa debit cards must be activated by February 29, 2012. This date cannot be extended under any circumstances.
Opening New Asset Management Accounts
All asset management accounts that your firm opens after September 2, 2011, will be on the Corestone platform. ProCash Plus will no longer be offered. Therefore, ProCash Plus applications will not be accepted after September 2, 2011, regardless of when the client had signed the application. As a result, all ProCash Plus accounts approved by Pershing on or before September 2, 2011, will be subject to a conversion to Corestone, including updates to checkbooks and debit cards, if applicable. Your firm may wish to wait until the enhanced Corestone product is available in September to ensure a seamless experience for your clients. The new Corestone application will be available via the Material Catalog in NetX360 by mid-July. A new Corestone brochure will be available in mid-August.