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Banks push retail repurchase programs to rival money funds
AP notes banks and savings institutions are rolling out retail repurchase programs to lure savers amid high rates. These plans sell government-securities portfolios with a buyback, not deposits, lacking FDIC insurance, and carry 1 to 89 day terms with $1,000 to $3,000 minimums. Regulators urge clear disclosures to avoid investor misperceptions.
MENTIONED IN THIS ARTICLE
New York
Maryland
Texas
California
SEC
Securities and Exchange Commission
William E. Donoghue
Donoghue
Money Fund
Holliston
Mass
S&ls
Federal Deposit Insurance