BNY gains Treasury's Direct Express benefits contract

2 days ago · The Treasury Department has named Bank of New York Mellon to take over the lucrative contract previously held by Comerica Bank to operate the Direct Express debit card program serving government beneficiaries. The decision had been expected. With the …

CouponFollow Extension

$3
OFF

BNY To Win Treasury's Direct Express Benefits Contract

6 days from now

Jul 22, 2024 · With the government contract for Direct Express, Bank of New York would gain a free liquidity source of more than $3 billion in deposits a month and expand its burgeoning …

americanbanker.com

$3
OFF

Comerica Keeps Government’s Prepaid Benefits Card, Balancing …

6 days from now

Jan 7, 2020 · BNY gains Treasury's Direct Express benefits contract The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current …

americanbanker.com

$3
OFF

'BNY Gains Treasury's Direct Express Benefits Contract' - American …

6 days from now

2 days ago · The contract gives the nation's oldest bank access to more than $3 billion in de... 'BNY gains Treasury's Direct Express benefits contract' - American Banker Invest

sahmcapital.com

$3
OFF

IG To Treasury: Don't Whitewash Lapses In Comerica Benefits Program

6 days from now

Aug 23, 2019 · BNY gains Treasury's Direct Express benefits contract The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current …

americanbanker.com

FAQs about BNY gains Treasury's Direct Express benefits contract Coupon?

Will bank of New York win a contract for direct express?

Bank of New York is poised to win a contract to manage the Treasury Department's Direct Express debit card program for disbursing federal benefits, according to sources. ...

Does BNY have a direct express program?

The bank said in a Nov. 21 statement that it has secured a three-year "extension of services" to "allow for the orderly transfer of services" to BNY. "We have been honored to support the Direct Express program since 2008 and remain committed to serving its 3.4 million cardholders," the bank said. ...

Who is the financial agent for the direct express program?

The U.S. Department of the Treasury’s Bureau of the Fiscal Service announced on Nov. 21 it had selected BNY as the financial agent for the Direct Express program following a "competitive selection process." The prepaid debit card program provides monthly Social Security, veterans and other benefits to approximately 3.4 million Americans. ...

Who is the financial agent for the direct express® prepaid debit card?

NEW YORK, Nov. 21, 2024 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, has been selected by the U.S. Department of the Treasury's Bureau of the Fiscal Service ("Fiscal Service") as the financial agent for the Direct Express® prepaid debit card program. ...

Will the Treasury Department renew its direct express contract with Comerica?

The Treasury Department will not renew its Direct Express debit card contract with Comerica, the Dallas bank disclosed Friday. Rather, that partnership is going to BNY, sources told American Banker. ...

Will Comerica choose another banking partner for direct express?

Comerica Bank told investors Friday it has received preliminary notification from the Treasury Department that the agency will likely choose another banking partner for its Direct Express prepaid-card program that delivers government benefits to roughly 4.5 million unbanked Americans. ...