Feature update: designated accounts
What's new:
If you have two or more Mayfair cash accounts, you can now:
- Designate one to be the recipient account of any yield earned by the other cash account(s)
- Designate one to be the payment method for any fees incurred by the other cash account(s), in addition to any fees it incurs on its own
At this time, the account which you designate must be a Mayfair cash account with the same partner bank as the originating account. E.g. an Evolve account cannot forward its yield to a Third Coast Bank cash account, or pay fees incurred by it.
Accounts with no designated yield and fee redirection account will continue to accrue yield and pay fees from that account as usual.
How this helps:
Some of our customers prefer to keep yield earned separate for accounting purposes, or need to because they must keep earned yield separate, e.g. for security deposits or grant monies.
Similarly, administrators can use this feature to ensure that account fees, e.g, wire fees, are not deducted from accounts designated for other purposes. Many of our customers prefer that these fees not be withdrawn from the primary accounts, or use Mayfair to protect funds from which they cannot pay unapproved fees.
Who this impacts:
This update affects only account administrators, who will now have the ability to designate yield and fee accounts for each cash account they control.
How to get started:
Go to the account for which you wish to designate a yield or fee account, click on Account information, then Advanced settings. For each, you'll see a menu like the below:
Clicking on either will lead to a menu allowing you to select the yield forwarding or fee redirection account.
Note that you will only see other accounts held with the same bank partner; if you have no other accounts with the same bank partner, you will not be able to assign a forwarding account . You are not able, at this time, to select an external account as a forwarding account.
