Questions & Answers

General Questions

  • What are the investment objectives of NYCLASS?

    1. Legality
      • To invest only in investments legally permitted under New York State General Municipal Law (NYS GML) 
    2. Safety
      • To minimize risk by managing portfolio investments to preserve principal and maintain a stable Net Asset Value (NAV).
      • To maintain the highest rating for NYCLASS from a nationally recognized statistical rating organization as long as such rating is required by New York state law.
    3. Liquidity
      • To manage portfolio investments in a way that ensures that cash will be available as required to finance Participants’ operations.
    4. Yield
      • To maximize current income to the degree consistent with legality, safety, and liquidity.
  • Who oversees NYCLASS?

  • The NYCLASS Municipal Cooperative Agreement is administered by an elected Governing Board (the Board) of up to fifteen members. A Board member must be either a Participant’s Chief Fiscal Officer, other designated officer, or employee of the Participant who has knowledge and expertise in financial matters. The Board retains the services of Public Trust Advisors, LLC  to serve as the Program Administrator and Investment Advisor.

  • Who is eligible to use NYCLASS?

  • Participation is available to any municipal corporation or special-purpose district empowered under New York state statute including counties not within the City of New York, cities, towns, villages, school districts, boards of cooperative educational services, and fire districts. Also eligible are county or town improvement districts where the respective county or town is required to pledge its faith and credit for the district’s debt service.

  • How can you participate in NYCLASS?

  • Enrolling in NYCLASS is simple. Any of the entity types listed in the answer above may join NYCLASS as a Participant and take advantage of the investment program.

    In order to join, Participants must approve the NYCLASS Municipal Cooperation Agreement by a majority vote of their governing body. Once the Program Administrator has received and processed the fully executed Registration Packet and Authorizing Resolution the Lead Participant and Custodian will be notified and participation can begin.

  • Is NYCLASS rated?

  • NYCLASS is rated ‘AAAm’ by S&P Global Ratings Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool’s investments as well as the excellent credit quality of the program. S&P Global Ratings monitors the pool on a weekly basis.

    A ‘AAAm’ rating by S&P Global Ratings is obtained after S&P evaluates a number of factors including credit quality, market price exposure, and management. Ratings are subject to change and do not remove market risk.

     

  • What types of securities does NYCLASS invest in?

  • NYCLASS invests funds only in securities that are legal for public funds investment in the state of New York. As detailed by the NYCLASS Investment Policy, the portfolio is comprised primarily by obligations of the United States government, repurchase agreements collateralized at 102% by U.S. Treasury, agency securities backed by the full faith and credit of the United States government, and collateralized bank deposits.

  • What is the minimum requirement for investing in NYCLASS?

  • There is no minimum investment amount for NYCLASS.

  • What are the business hours at NYCLASS?

  • The NYCLASS offices are open Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for NYCLASS office closures.

  • What transaction fees does NYCLASS charge?

  • NYCLASS does not charge any transaction fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we recommend checking with a representative at your bank to discuss the potential costs.

  • How can Participants obtain a copy of the NYCLASS investment holdings report?

  • The NYCLASS investment holdings report is available to Participants online via the NYCLASS Transaction Portal.

Managing My Account

  • What are the daily cut-off times for transactions?

  • Transactions (withdrawals, contributions, transfers) conducted via the portal, telephone, or fax must be submitted by 12:00 p.m. ET for same-day processing.

  • What are the deposit instructions for NYCLASS?

  • Please visit the FAQs in the Help Section of the NYCLASS Online Transaction Portal to view the deposit instructions to send funds into your NYCLASS account. Please note, you will need to send the fund from your bank.

  • How do I update my contact information and notification preferences?

  • Once logged in, Participants can update their contact information and notification preferences by selecting My Account in the upper right-hand corner of the portal. From there, changes can be made under the Contacts section at the bottom of the page.

  • When are wires sent from my account when I request a withdrawal?

  • Wires are sent every hour with the final distribution taking place shortly after the close of the fund at 12:00 p.m. ET; distribution times are subject to change as needed by the NYCLASS Administrator.

  • For a next-day ACH, what is the cut-off time?

  • Next-day ACH requests must be received by 12:00 p.m. ET (24 hours in advance).

  • What is the difference between a wire and an ACH?

  • Wires are funds transferred via the Federal Reserve Wire System and can be processed and received by your beneficiary bank on the same day if the transaction is requested prior to the 12:00 p.m. ET cut-off. ACHs (Automated Clearing House) are processed overnight and are generally available to the beneficiary bank one business day after the transaction request has been made.

  • What are the fees associated with wires/ACHs?

  • NYCLASS does not charge any banking fees to its Participants. However, your receiving bank may have wiring fees and/or incoming ACH fees, therefore we  recommend always checking with a representative at your bank to discuss the potential costs.

  • Are the banking instructions different for a wire or an ACH?

  • Many banking institutions have separate ABA/Routing Numbers depending on whether the transactions are being processed via Wire or ACH. Please contact your local banking representative to ensure that you are providing NYCLASS Client Services with the appropriate account information. The instructions to send money into NYCLASS can be found in NYCLASS Transaction Portal.

  • What are the limits on the number of transactions?

  • NYCLASS does not limit the number of transactions Participants can do.

  • Does NYCLASS limit the number of subaccounts a Participant can have?

  • NYCLASS does not limit the number of subaccounts Participants can have.

  • How are the NYCLASS monthly statements delivered?

  • To download your NYCLASS statements, please go to the Accounts Menu in the portal. From there, please navigate to the Documents Section. Statements are not emailed for the security of the NYCLASS Participants’ account information.

  • How do I update individuals who have access to my NYCLASS account?

  • Please visit the FAQs in the Help Section of the NYCLASS Online Transaction Portal to download and fill out the Signatory Amendment Form. For more information on the levels of access for individuals on your account, please refer to the chart below.

  • How do I amend those individuals who receive account correspondence such as monthly statements or transaction confirmations?

  • These changes can be made in writing to clientservices@newyorkclass.org.

  • How do I add or remove bank instructions on my NYCLASS account?

  • Please visit the FAQs in the Help Section of the NYCLASS Online Transaction Portal to download and fill out the Bank Amendment Form. Many banking institutions have separate ABA/routing numbers depending on whether the transactions are being processed via wire or ACH. Please contact your local banking representative to ensure that you are providing NYCLASS Client Services with the appropriate account information.

NYCLASS Online Transaction Portal

  • What is the NYCLASS Online Transaction Portal?

  • The NYCLASS Online Transaction Portal is a secure, Internet-based transaction system that allows registered NYCLASS Participants to self-manage their NYCLASS investments. The portal is available 24/7, 365 days a year

  • What functions can the NYCLASS Online Transaction Portal perform?

  • The NYCLASS Online Transaction Portal allows Participants to make contributions, withdrawals, and transfers between subaccounts as well as to other approved NYCLASS Participants. Users can pre-date important transactions, ensuring that they are handled reliably and avoiding unfortunate timing issues or cash access emergencies. The portal also allows for dual approval of transactions.

  • What about reporting features?

  • Reporting features available in the NYCLASS Online Transaction Portal include access to monthly statements, transaction confirmations, and details highlighting past, present, and future dated transactions

  • How does a new NYCLASS Participant receive login credentials?

  • All Participants will receive login credentials upon the establishment of their account via email. If you do not currently have your online credentials, please reach out to Client Services at (855) 804-9980 or clientservices@newyorkclass.org

     

  • How quickly can I expect to receive login credentials?

  • In most cases, login credentials will be distributed on the same day as the request; otherwise, credentials will be available on the following business day.

  • How does an existing NYCLASS Participant change or update their login credentials?

  • Participants can change their passwords by visiting the NYCLASS Online Transaction Portal and following the instructions for resetting your password. Once logged in, Participants can also update their password by selecting My Account in the upper right-hand corner. Usernames cannot be changed. Should you run into difficulties, the Client Service team is happy to assist.

  • How do I update the phone number used for two-factor authentication via text message?

  • Once logged in, Participants can update their phone number by selecting My Account in the upper right-hand corner of the portal.

  • Can I share my online account with another person at my entity?

  • No; for your security, everyone will be required to have their own online user account that is tied to a unique email address. We do not allow multiple contacts to use the same email address.