Treasury’s Bureau of the Fiscal Service Selects BNY to Manage …

2 days ago · In service of this goal, more educational resources from BNY’s service providers will be introduced in 2025. For more information on the Direct Express program, please visit usdirectexpress.com. For media inquiries, please e-mail [email protected]. …

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

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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

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FAQs about Treasury’s Bureau of the Fiscal Service Selects BNY to Manage … 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. ...

Why did Treasury choose direct express?

Direct Express provides secure, easy access to federal benefit payments for approximately 3.4 million Americans even if they do not have a bank account. Treasury said it selected BNY due to its expansive suite of customer service options. ...

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 BNY get a liquidity boost from direct express?

Through the partnership, BNY stands to gain a liquidity boost worth millions of dollars. Average deposits with Direct Express accounted for $3.4 billion at Comerica in the third quarter, the bank said in an Oct. 28 filing. ...