The news of Signature Bank New York failing on March 11, 2023 was a sharp reminder of the uncertainty which faces all businesses and the need to manage risk and remain nimble.
At one point, there was a real question as to whether uninsured deposits would be available to our customers on Monday morning and whether basic banking services would continue to function. Over the past 48 hours, our team has spoken with dozens of justifiably concerned customers using Signature Bank New York and MDS.
All MDS Clients Can Access Signature Bank New York Funds
First, it’s important to note that every client we’ve spoken to has not experienced any interruption in accessing their funds. As of this writing, all MDS products integrated directly with Signature Bank New York have continued to work without disruption.
However, that doesn’t mean changes aren’t coming. Our customers have been asking smart questions about what they may need to do in the event they decide to make a change to a different bank.
We’re Likely Already Working With Your Next Bank
MDS is a completely bank-neutral solution and can integrate with any financial institution willing to work with us.
Since we’ve been in business for over 40 years, chances are we’re already integrated in at least some capacity with any bank that you may be in discussions with. From Positive Pay to Automated Bank Reconciliations, if you’re currently doing it with Signature Bank New York, we can get you up and running with the financial institution of your choice.
While shopping, it is a great time to bring MDS into the conversation to discuss potential integrations and to align on any specific asks of your new potential banking partner. You’re going to have the most leverage to get commitments at this stage and these early discussions can prevent potential surprises.
Finally, if for any reason you are concerned about your current banking relationship and beginning to look at options, it is important that you deal with the right department within whatever institution you’re considering.
Most banks have a specialized team to deal with large multifamily real estate clients and can offer you services and programs unavailable from the standard commercial banking side of the business.
We highly encourage you to consult within your network for the right contact and in some cases may be able to put you in touch with bankers we know do a good job of taking care of our clients.
As always, you, our customers, are our priority. At MDS, we’re committed to listening to your needs, understanding the direction you’re taking that’s ideal for your business and supporting you every step of the way.