Through the Synchrony Bank Commercial Account program, NYSUT local associations and their benefit funds can receive some of today’s highest interest rates on commercial savings products that offer easy access to your money and the safety of FDIC insurance. These commercial products include money market accounts and certificates of deposit (CDs), and are available through Synchrony Bank.
Commercial savings products have a minimum deposit requirement of $25,000. Two authorized signatures are required to open an account.
How to open a commercial account:
Opening an account is accomplished through the mail or by calling toll-free 866-226-5638 for a Commercial Account Enrollment Form.
Complete the form and return it with:
1. A copy of your Not-For-Profit Agreement
2. A copy of your IRS Tax Identification Number issuance letter
3. Your initial deposit check (minimum amount $25,000) endorsed "For Deposit Only"
Once you have established your commercial account, you will have access to a toll-free call center and interactive voice response system for service on your account. Annual percentage yields are variable and subject to change. Accounts are subject to withdrawal limitations. Fees may reduce earnings. FDIC insurance up to $250,000 per ownership category.
The Synchrony Bank Individual & Commercial Deposit Program is a NYSUT Member Benefits Corporation (Member Benefits)-endorsed program. Member Benefits has a marketing revenue endorsement arrangement of at least $25,000 annually for this program. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them. Member Benefits acts as your advocate; please contact Member Benefits at 800-626-8101 if you experience a problem with any endorsed program.