Charitable Planned-Giving Programs Lose Favor With Banks
July 28, 2009
Major banks are backing away from managing planned-giving vehicles for smaller nonprofit organizations, reports The Wall Street Journal.
Some banks are refusing to take on charities with assets smaller than seven figures, or dropping existing clients. BNY Mellon Wealth Management, one of the biggest players in the field, told more than 50 clients in May that they had until September 1 to find a new manager.
