Northwestern Mutual Cash Management Platinum
Northwestern Mutual Cash Management Platinum helps you centralize your account information and gives you access to your account’s cash. It also provides checkwriting and debit card privileges, direct deposit and the ability to earn money market yields on cash balances.
Northwestern Mutual Cash Management Platinum offers:
- Money Market fund options5 with daily cash sweep
- Unlimited checkwriting with no minimums
- Cash withdrawals from PNC Bank and Allpoint ATMs are free
- Comprehensive statements
- Free online access available 24 hours a day, 7 days a week
- Automated deposits and bill payment services
- Invested in FDIC insured bank deposit account and/or money market fund
- Live customer service for all account questions is available Monday through Friday 7:30 AM - 5:00 PM CT. In addition, 24/7 live customer service is available for all debit-card related questions and 24/7 voice response service is available for all account and debit card-related questions. All are available at (800) 547-7008.
- Visa® debit card
- Awards Program- RewardSuite™
- Master Roadside Assistance
- Travel Assistance
- Baggage Delay Coverage
- Lost or Damaged Luggage Coverage
- Hotel/Motel Burglary Coverage
- Purchase Assurance Coverage
- Extended Warranty Coverage
- You can accumulate points ($1=1.5 points) that can be redeemed for gift cards, gift certificates for stores, restaurants, hotels and airfare, or 1% cash back on eligible purchases.
- No blackout dates for air travel, no Saturday restrictions or 21 day advanced booking requirements.
- You can withdraw up to $3,000/day at ATMs
- Expense coding on checks
Money Market Fund Options5
The balance of your Northwestern Mutual Cash Management Platinum account can be directed into one of several money market funds. Your options include several-state specific municipal money market funds, a government securities money market fund, an FDIC-insured bank deposit program6, or a general money market mutual fund. They are sold by prospectus only7. Available cash balances are automatically invested each business day into the fund you have chosen and your dividends are reinvested.
Northwestern Mutual Cash Management Platinum offers easy access to your funds and earns interest daily at a competitive rate. There is no limit to the number of checks you can write and there is no minimum check amount. Also, Northwestern Mutual Cash Management Platinum offers a convenient way for you to code your checks to keep track of expenses.
Visa® Debit Card8
You can use your debit card at a number of locations nationwide. Each purchase is paid directly from available cash in your Northwestern Mutual Cash Management Platinum account. The daily transaction limit is $30,000.
Cash withdrawals from PNC Bank or Allpoint ATMs are free. There are 6,500 PNC Bank ATMs without fees and an additional 43,000 surcharge-free ATMs worldwide that display the Allpoint network logo. In fact, 1 in 12 ATMs in America is an Allpoint surcharge-free ATM. The Allpoint ATMs are located in key retailers such as 7 Eleven, Walgreens, Kroger, Target, Costco Wholesale, CVS pharmacy, and Oxxo.
You can withdraw up to $3,000/day at ATMs9. There is a $10.00/month fee reimbursement for withdrawals made at ATMs outside of the Allpoint/PNC network.
Eliminate the hassle of reviewing multiple investment account statements. All of your account activity is captured in one consolidated monthly statement. This valuable resource provides all the details you need about your investments, checkwriting and debit card purchases. In addition, you will receive cost basis on your monthly and quarterly statements, statement breakout sections and a tax and year-end statement.
Access to Account Information
Online access to your account information is available 24 hours a day, seven days a week through our secure website, NMIS Online. With NMIS Online, you will have instant access to balances, portfolio holdings, account activity, check images and more.
Automated Deposits and Bill Payment Services
Northwestern Mutual Cash Management Platinum offers a convenient and secure way to receive, pay, and organize
bills online. This can be done through NMIS Online via BillSuite™.
You can accumulate points ($1=1.5 points) that can be redeemed for gift cards, gift certificates for stores, restaurants, hotels and airfare, or 1% cash back on eligible purchases. In addition to concierge services there are no blackout dates for air travel, no Saturday restrictions or 21 day advanced booking requirements.
There is no fee for the first year the account is opened. Thereafter, an annual fee of $100 will be charged to your account on the anniversary of the account opening.
Live customer service for all account questions is available Monday through Friday 7:30 AM - 5:00 PM CT. In addition, 24/7 live customer service is available for all debit-card related questions and 24/7 voice response service is available for all account and debit card-related questions. All are available at (800) 547-7008.
Perhaps the best feature of your Northwestern Mutual Cash Management Platinum account is the guidance you receive from your financial representative. Your financial representative will work with you to identify your financial goals and then provide ongoing support to help you achieve those goals.
Talk to your financial representative to discuss this account in greater detail.
5Payments Related to Cash Sweep Options
NMIS also receives additional compensation from Pershing based on assets held within the automatic cash sweep options offered within NMIS accounts. NMIS has made various cash sweep options available to NMIS clients. Depending on the fund selected and subject to certain fee waivers, NMIS may receive up to 0.75% (e.g., $75 on a $10,000 investment) per year from Pershing, LLC based on the assets NMIS clients hold within these cash sweep options, a portion of which is paid to financial representatives on brokerage accounts. During 2010, the average amount NMIS received from Pershing, LLC under these arrangements did not exceed 0.20% (e.g., $20 on a $10,000 investment). Pershing, LLC also credits NMIS with a rebate up to 0.35% (e.g., $35 on a $10,000 investment) per year based on uninvested cash in customer accounts not electing a sweep option.
6Unlike money market mutual funds, the FDIC-insured deposit program provides clients with access to FDIC-insured deposit accounts. The program’s sponsor allocates each account’s cash to one or more deposit accounts held at participating banks. Funds maintained at participating banks are FDIC-insured up to $250,000 per bank for each category of legal ownership, for a total of up to $250,000 of FDIC insurance. Because all client balances held at a participating bank are aggregated, clients who have CDs or other deposit accounts at a participating bank could exceed FDIC limits.
Those invested in the FDIC insured bank deposit program receive a terms and conditions document instead of a prospectus.
7For more complete information, including investment objectives, risks, charges, expenses, and other information about the investment company, please contact your financial representative for a prospectus. Carefully read the prospectus or terms and conditions document and consider this information before investing.
An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, they offer no guarantee to do so and it is possible to lose money by investing in them.
8Please note that some vendors may not honor your debit card. Check with them before purchase.
9Certain financial institutions set limits on a per transaction basis. Please consider this when withdrawing funds from these ATMs. Per Allpoint’s website, if a surcharge message appears during a transaction at an Allpoint ATM, accept the surcharge. You will either not be charged or Allpoint will refund the surcharge. Keep in mind you will be charged a surcharge for ATMs outside the Allpoint/PNC network.
The interest earned on the FDIC insured deposit account may fluctuate and may be greater or less then the current yield on a money market fund investment.
NMIS is a member of SIPC (Securities Investor Protection Corporation), which protects the value of securities in customers’ accounts up to $500,000 (including up to $250,000 for claims for cash). SIPC does not bail out investors when the value of their stocks, bonds and other investments falls for any reason. Instead, SIPC replaces missing stocks and other securities where it is possible to do so even when investments have increased in value. SIPC does not cover individuals who are sold worthless stocks and other securities. An explanatory brochure concerning SIPC is available upon request or at www.sipc.org.
In addition, NMIS’ clearing firm, Pershing, LLC has obtained excess account protection for client accounts. The coverage provides excess account protection for assets held in custody with Pershing LLC and its London affiliate, Pershing Securities Limited, up to an aggregate limit of $1 billion, of which $1.9 million may cover cash awaiting reinvestment at the individual account level. Assets held at a custodial institution other than Pershing or other assets not held at Pershing are not protected by the excess SIPC coverage.
SIPC coverage does not protect against potential losses due to market fluctuation.
All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is wholly owned by Northwestern Mutual.
NMIS is an affiliated company of Northwestern Mutual. Northwestern Mutual is not a broker-dealer.