Mayfair partners with Third Coast Bank, SSB
Mayfair is expanding and enhancing the FDIC protection1 that depositors can receive with its new cash accounts in partnership with Third Coast Bank, SSB (“Third Coast Bank”). Through the Enhanced Deposit Protection account provided by Third Coast Bank, depositors can benefit from up to $50 million in FDIC insurance while still enjoying the immediate liquidity that comes with Mayfair’s cash management solutions.
The first in a series of product launches and platform enhancements, Mayfair’s enhanced FDIC insurance powered by Third Coast Bank is a testament to the company's commitment to safety, security, and simplicity for its customers. Mayfair’s cash management platform is built with the mission of making intelligent cash management the default for companies of all sizes. This means providing lower risk, accessible liquidity, attractive yield, and simplicity, all in one package.
“Our cash management platform is trusted by business leaders to deliver higher yield and lower risk than traditional enterprise banking, all without increasing risk or sacrificing the operational convenience of quick liquidity,” says Munish Chopra, COO, Mayfair. “With our enhanced FDIC insurance in partnership with Third Coast Bank, we’re able to build upon the core benefits our customers already enjoy by offering peace of mind that their funds are protected without having to make typical tradeoffs to achieve the increased level of safety.”
Mayfair specializes in cash accounts and ensures that customer funds are there when needed. Rooted in simplicity, the platform provides a thoughtful user experience, simple sign-up process, automated transfer rules, and much more so that business leaders can set and forget with the comfort of knowing that Mayfair is making cash work for them in partnership with Third Coast Bank. When businesses use Mayfair, they report cash management goes from being a point of anxiety to an effortless part of their operations.
“We believe that enterprise businesses deserve better access to opportunities that support growth. And while our higher yield products offer tremendous value to our customers, we know that they shouldn’t have to sacrifice aspects such as safety to earn more,” says Daniel Chan, CEO, Mayfair. “We know what modern banking should look like, and we make cash work so that our customers can focus on the things that matter most to their businesses.”
“Third Coast Bank is thrilled to announce its partnership with Mayfair. This collaboration marks a significant milestone in our commitment to driving innovation and delivering unparalleled financial solutions,” states Philip Toscano, SVP Director of National sales, Third Coast Bank, SSB. “This partnership will empower businesses to unlock new possibilities, providing seamless access to comprehensive banking services tailored to their unique needs.”
Mayfair partners with trusted FDIC-insured banks2 to provide businesses with both high rates and the confidence of knowing that funds are protected. The Mayfair platform also includes a growing roster of connectivity partners like Stripe, simplifying and improving error-prone banking processes.
To find out more about Mayfair, please visit www.getmayfair.com.
About Mayfair
Mayfair is a cash management solution built by former professional institutional investors that allows businesses to earn more, in less time, with lower risk. The platform combines automated treasury management, competitive rates, and FDIC insurance provided by carefully-selected banking partners, all packaged into a simple and efficient experience. Business leaders from a multitude of industries rely on Mayfair to deliver all of this without sacrificing the operational convenience of quick liquidity. We believe that intelligent cash management should be the default for businesses of all sizes, and that’s why Mayfair makes cash work.
About Third Coast Bancshares, Inc.
Third Coast Bancshares, Inc. is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank, SSB. Founded in 2008 in Humble, Texas, Third Coast Bank, SSB conducts banking operations through 16 branches and one loan production office encompassing the four largest metropolitan areas in Texas. Please visit https://www.tcbssb.com for more information.
Disclaimer: Your account is offered to you by Mayfair Finance, Inc.(“Mayfair”). Mayfair is a financial technology company, not a depository institution, bank, or credit union. Your account at Mayfair is not, itself, an FDIC insured product. Banking services are provided by Third Coast Bank SSB, Member FDIC. By opening an account with Mayfair, you deposit your funds into a deposit account at Third Coast Bank SSB which places those funds into deposit accounts across a network of FDIC-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Click here for a list of the banks and savings associations with which we have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to any opt-outs by Third Coast Bank, SSB or you and the applicable account terms). The current limit for access to FDIC insurance through your account is $50 million (per depositor per ownership category), subject to change at any time by Mayfair. FDIC insurance coverage is only available to protect you against the failure of a FDIC-insured bank that holds your deposits (and does not protect you against the failure of Mayfair or other third party). Your account with Mayfair and all services provided to you are subject to the Terms of Service, and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written agreements. Your account relationship is with Mayfair. If you have any questions regarding your account, please contact support@getmayfair.com.
1 Terms and restrictions apply. See the Mayfair Terms of Service, Third Coast Bank Business Deposit Account Agreement, and Third Coast Bank Enhanced Deposit Protection Program Terms and Conditions. FDIC insurance is available to bank depositors up to $250,000 per eligible depositor, per FDIC-insured bank, per ownership capacity or category.
2 Mayfair partners with (1) Stripe Payments Company for money transmission services and account services with funds held at Evolve Bank & Trust, Member FDIC, and (2) Third Coast Bank, SSB, Member FDIC. The cash account is not a deposit account, and Mayfair is not a bank.
