Sample of General Questions FAQ

General Questions

  • 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 an eligible entity 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.

  • What are the business hours at NYCLASS?

  • The NYCLASS Client Service Team is available Monday through Friday from 8:00 a.m. until 5:00 p.m. ET. Please consult the Client Services Page for NYCLASS office closures.

  • Is there a maximum or minimum investment requirement for NYCLASS or NYCLASS Prime?

  • No, there is no maximum or minimum investment requirement for NYCLASS or NYCLASS Prime.

  • Is there a maximum or minimum number of transactions for NYCLASS or NYCLASS Prime?

  • No, there is no limit to the number of transactions a Participant may execute with NYCLASS or NYCLASS Prime.

  • What are the fees associated with wires/ACHs?

  • NYCLASS and NYCLASS Prime do not charge any banking fees to participants. However, your sending/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.

  • How can I submit an audit confirmation to NYCLASS?

  • NYCLASS is accessible on www.confirmation.com – select the name “Public Trust Advisors” when entering your request. Client Services will receive notification and process your audit confirmation on the platform.

    Alternatively, you may email your audit confirmation to clientservices@newyorkclass.org and provide either a fax number or email for receipt.

    Audit confirmations sent via USPS may experience a significant delay, so we strongly encourage the first two methods.

Managing My Account

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

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

  • How do I make transactions?

  • To invest in or redeem from NYCLASS and NYCLASS Prime, Participants must enter their orders through the Online Transaction Portal.

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

  • Transactions (withdrawals, contributions, transfers) must be submitted by 12:00 p.m. ET for same-day processing.

  • 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 submitted by 12:00 p.m. ET.

  • 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.

  • 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 the NYCLASS Transaction Portal.

  • What are the deposit instructions for the NYCLASS Fund and NYCLASS Prime?

  • Please go to the Documents Section of the NYCLASS Online Transaction Portal and click on Forms in the lefthand menu to view the Deposit Instructions. Please note, you will need to initiate the wire with your bank. NYCLASS must receive the wire by 5:00 p.m. ET.

  • How do I add or delete authorized banks?

  • Please navigate to the Administration menu to make changes to your Authorized Banks. Please refer to the User Guide available in the Forms menu for further instructions.

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

  • Once logged in to the NYCLASS Online Transaction Portal, Participants can update their contact information and notification preferences by navigating to the Administration menu then choosing My Info.

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

  • Please navigate to the Administration menu to make changes to your Authorized Contacts. Please refer to the User Guide available in the Forms menu for further instructions.

    For more information on the levels of access for individuals on your account, please refer to the chart above.

  1. testing
  2. 1
  3. 1
  4. 1
  5. 1
  6. 1
  7. 1
  8. 1