Mayfair and Third Coast Bank SSB Announce Partnership for Enhanced FDIC Insurance on Cash Accounts

In a significant move to bolster the safety and security of depositor funds, Mayfair has teamed up with Third Coast Bank, SSB, to introduce a new cash account that offers up to $50 million in FDIC insurance. This partnership marks a pivotal step in providing depositors with enhanced protection without compromising the liquidity and convenience that Mayfair’s cash management solutions are known for. Third Coast Bank is a major player in the financial industry and is also the owner of the popular online bank, CloudBank 24/7.

The collaboration between Mayfair and Third Coast Bank, SSB, is designed to enhance the Federal Deposit Insurance Corporation (FDIC) protection available to depositors. With the introduction of the Enhanced Deposit Protection account by Third Coast Bank, businesses and individuals can now enjoy an unprecedented level of insurance on their deposits, ensuring peace of mind and security for their funds.

Mayfair’s initiative to offer enhanced FDIC insurance through Third Coast Bank is a testament to its dedication to providing a safe, secure, and simple banking experience. The company’s cash management platform is engineered to make intelligent cash management the standard for businesses of all sizes, combining lower risk, accessible liquidity, attractive yields, and simplicity into a single, comprehensive package.

Munish Chopra, COO of Mayfair, emphasizes the platform’s ability to deliver higher yields and lower risks compared to traditional banking, all while maintaining the operational convenience of quick liquidity. This enhanced FDIC insurance partnership with Third Coast Bank further solidifies Mayfair’s commitment to offering its customers peace of mind, knowing their funds are protected to a higher degree.

Mayfair’s platform goes beyond traditional cash management by providing a user-friendly experience, automated transfer rules, and seamless integration with connectivity partners like Stripe. This approach transforms cash management from a source of anxiety to an effortless aspect of business operations, allowing leaders to focus on growth and innovation. Third Coast Bank has already used some of the latest automation and integration tech, with their subsidiary online bank, CloudBank 24/7.

Daniel Chan, CEO of Mayfair, shares the vision of modern banking where businesses do not have to compromise safety for higher yields. The partnership with Third Coast Bank is a step towards realizing this vision, making cash work more effectively for customers so they can concentrate on what matters most to their businesses.

Philip Toscano, SVP Director of National Sales at Third Coast Bank, SSB, expresses excitement about the partnership with Mayfair. This collaboration is seen as a milestone in their commitment to innovation and providing comprehensive financial solutions that meet the unique needs of businesses. The partnership between Mayfair and Third Coast Bank, SSB, represents a forward-thinking approach to banking, where enhanced FDIC insurance and intelligent cash management come together to offer businesses and individuals a superior financial experience.