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Q: What is the BNY Mellon Wealth Advisors Brokerage Account? |
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A: The BNY Mellon Wealth Advisors Brokerage Account will help you manage your investments with ease. You'll have access to a wide variety of investments and you can take advantage of the following features: online trading and portfolio monitoring, 24 hour automated phone access, daily sweep to a money market fund, free check writing, debit card access, and more.
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Q: What kinds of investments are available within the BNY Mellon Wealth Advisors Brokerage Account? |
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A: The BNY Mellon Wealth Advisors Brokerage Account offers a wide range of investment choices, including:
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Over 8,000 Mutual Funds - many with no transaction fees!1 - from Mellon, Dreyfus and other well known fund companies
- Equity Stocks
- Fixed-Income Products including Treasury Instruments, Zero Coupon Bonds, Corporate Bonds, Municipal Bonds and Certificates of Deposit
- Equity and Index Options 2
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Q: What is the Mellon Financial Management Account? |
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A: The Mellon Financial Management Account has been designed for clients who prefer to play an active role in the management of their funds and investments and who are seeking the convenience of consolidated financial management. It offers all the features and benefits of a brokerage account and checking account in one convenient package. Dividends, interest and sale proceeds from your BNY Mellon Wealth Advisors Brokerage Account will sweep to your Mellon Checking Account.3 Your funds can move easily - even automatically - between the two accounts giving you the flexibility to manage your finances however and whenever you want. The link between the two accounts lets you access your cash quickly for investments, purchases and general expenses.
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Q: How can I open a BNY Mellon Wealth Advisors Brokerage Account? |
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A: Opening a BNY Mellon Wealth Advisors Brokerage Account is easy and convenient. You can establish a Brokerage Account with a personal check, by transferring funds from another broker or financial institution, or you can transfer assets from your existing Dreyfus mutual fund account(s).
- Call 1-800-830-0549 and press 2 for brokerage services to request the Brokerage Account application. You can also request a Transfer Form to transfer funds from another financial institution.
- Complete the application.
- Mail your signed application along with your initial deposit or Transfer Form to:
BNY Mellon Wealth Advisors
P.O. Box 9012
Hicksville, New York 11802-9012
- You will generally be able to begin investing within 24 hours of receipt of your application and initial deposit.
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Q: I already have a Dreyfus mutual fund account. What do I have to do to transfer my assets to a BNY Mellon Wealth Advisors Brokerage Account? |
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A: Just complete the BNY Mellon Wealth Advisors Brokerage Account application. In the "Investment Method" section, provide the information regarding the Dreyfus mutual fund account(s) you want to transfer to your new Brokerage Account.
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Q: How can I transfer assets from another broker or financial institution into a BNY Mellon Wealth Advisors Brokerage Account? |
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A: To transfer securities or cash from another broker or financial institution, just complete a Transfer Form. Call 1-800-830-0549 and press 2 for Brokerage Services to request a Transfer Form.
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Q: What are the initial investment minimums? |
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A: The minimum balance for the BNY Mellon Wealth Advisors Brokerage Account is $10,000.
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Q: Must I maintain a minimum balance? |
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A: If assets fall below $10,000 in the two months prior to the account anniversary opening date (based on the daily weighted average balance), a low balance fee of $25.00 will be charged in your anniversary month.
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Q: How can I view my account information online? |
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A: To activate your account for online viewing and trading capabilities, call 1-800-830-0549 and press 2 for brokerage services. 4Once you have activated your account you will be able to:
- Place orders.
- View stock investments, cash and margin balances.
- Check the status of your orders.
- View two years of account transaction history.
See for yourself just how easy and convenient it can be to access your BNY Mellon Wealth Advisors Brokerage Account online. Go to Portfolio Demo now.
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Q: Who can I contact if I've forgotten my password? |
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A: If you have forgotten your password please call 1-800-830-0549 and press 2 for brokerage services.
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Q: Can I tailor the BNY Mellon Wealth Advisors Brokerage Account to meet my specific needs? |
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A: Yes, the BNY Mellon Wealth Advisors Brokerage Account is designed to be flexible enough to meet just about any investor's needs. You can choose a Cash, Margin or Option2 account and a structure that is right for your investment objectives. You can also request check writing and debit card access to your account. Listed below are some examples of account types that are available:
- Individual
- Joint
- Business
- UGMA/UTMA
- Trust
- Estate
- Traditional IRA
- Rollover IRA
- Roth IRA
- SEP IRA
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Q: Can I use the BNY Mellon Wealth Advisors Brokerage Account to make my IRA investments? |
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A: Yes, the Brokerage Retirement Account is an all-in-one retirement account that makes it easy to manage your retirement money. It offers you with a wide variety of assets to choose from, access to mutual funds from Dreyfus and other leading mutual fund companies in addition to stocks, bonds and covered option writing. You can open a new Retirement Account (Traditional or Roth) with a contribution or consolidate multiple IRA accounts into one easy-to-manage account.
Please consult your tax and/or legal advisor before making any IRA investment decisions.
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Q: What types of money market funds5 can I choose from? |
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A: Choose the "sweep" money market fund that is right for you. The BNY Mellon Wealth Advisors Brokerage Account offers both taxable and tax-exempt "sweep" money markets.
Taxable Money Markets
- Dreyfus Money Market Reserves
- Dreyfus U.S. Treasury Reserves
- Dreyfus Municipal Reserves
Tax Exempt Money Markets6
- Dreyfus Pennsylvania Municipal Money Market
- Dreyfus New Jersey Municipal Money Market
- Dreyfus New York Municipal Money Market
- Dreyfus Massachusetts Municipal Money Market
- Dreyfus California Municipal Money Market
- Dreyfus Florida Municipal Money Market
- Dreyfus Connecticut Municipal Money Market
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Q: How do I obtain information about the current yields offered on the "sweep" money market funds? |
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A: For information regarding current "sweep" money market fund yields, call 1-800-830-0549 and press 2 for brokerage services.
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Q: Can I trade online? |
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A: Once you have activated your BNY Mellon Wealth Advisors Brokerage Account for online account access and trading, you can enjoy the convenience of sending orders from your personal computer.
- Buy or sell mutual funds, stocks, bonds and options at your convenience day or night.7
- Choose from over 8,000 mutual funds - many with no transactions fees8- from Dreyfus and other leading companies;
- When online, save with discounted commission rates for equity and options trades. See for yourself just how easy it is to trade online.
Go to Trading Demo now. ?
To activate your account for online access and trading, just call 1-800-830-0549 and press 2 for brokerage services.
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Q: When can I speak with a customer service representative? |
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A: You can speak with a customer service representative from 8:00 a.m. to 6:00 p.m., EST, Monday through Friday, by calling 1-800-830-0549 and pressing 2 for brokerage services.
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Q: What type of account protection is available for BNY Mellon Wealth Advisors Brokerage Account clients? |
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A: BNY Mellon Wealth Advisors is a member of the Securities Investor Protection Corporation (SIPC). SIPC account protection applies when member firms fail financially and does not protect against losses from the rise and fall in the market value of investments. For more information, please visit the SIPC Web site - www.sipc.gov.
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1Funds available without transaction fees are subject to minimum transaction amounts and holding periods. Consult the BNY Mellon Wealth Advisors Brokerage Account Fee and Commission Schedule for details. Please refer to each fund's prospectus for details and read it carefully before investing.
2Opening of these accounts is subject to pre-approval.
3Mellon Checking Accounts are offered by our affiliate bank.
4Access to services in your account may be limited or unavailable during periods of peak demand, market volatility, systems upgrades, maintenance, or for other reason.
5A money market fund investment is neither insured nor guaranteed by the U.S. Government or FDIC. There can be no assurance that a stable $1.00 share price can be maintained. The fund's yield will fluctuate. For more information, please see the fund's prospectus.
6State-specific funds may not be available in all states. For more information, please see the fund's prospectus, which contains more complete information including charges and expenses. Read the prospectus carefully before investing.
7Orders executed during market hours only, 9:30 a.m. - 4:00 p.m. EST, Monday through Friday.
8Some fees may apply. See the fund's prospectus and Client Agreement for details. A fund family reserves the right to modify its fees at any time.
These materials are not an offer to sell or a solicitation of an offer to buy any security, nor shall any such security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase, or sale may not lawfully be made.
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©2007 MBSC Securities Corporation Member FINRA/SIPC.
Please e-mail your comments and questions to us at mellonprivatewealthadvisors@mellon.com.
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