M.Y. Safra Bank will customize accounts to meet specific business needs.
We ensure businesses operate efficiently by tailoring account structures specifically to meet unique industry requirements. Our experienced Bankers will collaborate closely with you to fine-tune banking products that will assist you in providing the highest levels of service to your clients. Examples of our specialized products are:
Tenant Lease Security Services
Landlords, building agents, and property managers must confront the time-consuming task of processing tenants' security deposits. M.Y. Safra Bank reduces the administrative burdens associated with establishing segregated accounts and generating tax forms for individual tenants. At M.Y. Safra, we are experts in this complex field. We assist building owners and property managers by creating new accounts, handling deposits, and overseeing withdrawals.
Specifically, M.Y. Safra Bank sets up segregated accounts for each tenant under a master landlord agreement. We can provide clients with an unlimited number of these sub-accounts. Further, we generate consolidated statements so each landlord can view all their security holdings by building. Finally, we produce and distribute the required annual 1099 tax forms to each tenant.
M.Y. Safra Bank not only manages the maintenance of these accounts, but pays landlords up to 1% interest on each account. We can help reduce administrative workloads and increase revenues. Contact us about addressing your tenant lease security needs.
DACA/DAISA Services
Our Deposit Account Control Agreements (DACA) and Deposit Account Instructions and Service Agreement (DAISA) Services provide simple solutions to complex business arrangements. These agreements are a tri-party arrangement among a deposit customer (the debtor), a deposit customer’s lender (the secured party) and us (the bank).
These agreements allow lenders to perfect their security interest in a debtor’s deposit account(s) and specifically defines who can initiate a disposition (transfer) instruction to the bank with respect to the controlled deposit account(s).
No matter your needs, we are able to offer both active and passive account control agreements.
M.Y. Safra’s Bankers are experts in healthcare and real estate industries, will assist you with the particulars of loan payments and government collectibles. Contact us, to tailor accounts to your specifications.