Considering a Switch from Signature Bank New York?

by | Mar 17, 2023

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.

Schedule a Demonstration Today

Request a Demo

Request a free demo today.

This field is for validation purposes and should be left unchanged.
This field is for validation purposes and should be left unchanged.

More Insights

Find Tenant’s Deposit: The Feature You Need When You Need It Most

Find Tenant’s Deposit: The Feature You Need When You Need It Most

One simple, but very useful feature built right into the core of every MDS system that you may not be aware of is called Find Tenant’s Deposit. While you aren’t likely to need it often, it will save you tons of time when you do. Let’s discuss how this feature can come in handy at a critical moment: When a deposit goes missing and you have a tenant on the phone. Imagine this scenario: A tenant...

NYC Lease Renewal: The Best Feature To Boost Its Efficiency

NYC Lease Renewal: The Best Feature To Boost Its Efficiency

Here’s the way your life as a landlord has likely looked each month when it comes time to begin sending out an NYC lease renewal notice: Review expiring leases on a monthly basis and make decisions about new rates Print multiple copies of your upcoming renewals and supporting riders Mail these packages by Certified Mail to residents that may or may not be renewing Follow up throughout the...

How MDS helps its customers manage property in New York

Managing properties in New York presents a series of challenges not faced by operators in other parts of the country. Local laws and regulations are constantly in flux, and it is important to select a property management software provider that can adapt to these changes quickly so your operation can run as efficiently and profitably as possible. MDS has been working with our customers to...

Stay DHCR Compliant to Add Value

Staying DHCR Compliant Adds Value After attending CHIP's annual "Build, Buy, Hold, Sell: Strategies and Expectations for the NYC Real Estate Market" event, the big takeaway relevant to our business is clear. Staying DHCR compliant makes your portfolio more valuable. Savvy buyers often dig deep before closing to uncover compliance issues and will discount their offers accordingly, or even walk...

Ready to learn how the right tools can make you more efficient and profitable?

Get our latest insights delivered to your inbox

This field is for validation purposes and should be left unchanged.

© 2024 MDS Property Management Software. All rights reserved.