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SILICON100 2017

Max: Providing more “holistic advice” to its members on money management by committing to “Bank-level privacy”

thesiliconreview-gary-zimmerman-ceo-max-2017Man maintains his balance, poise, and sense of security only as he is moving forward,” said Maxwell Maltz. But how sure we are that we have attained security and have taken refuge under the shed miles away from surveillance? In current era, hacking of bank accounts, provoking else’ personal life has become a common phenomena.

Headquartered in New York in the year 2013, Max was created as an online solution platform that helps individual investors and their financial advisors earn dramatically more on the cash portion of their portfolios, while keeping that cash safe and secured. Max works by linking an individual’s existing brick-and-mortar checking or brokerage account with higher-yielding online savings accounts at some of the leading online banks in the U.S.

Max monitors interest rates daily, and uses proprietary algorithms to parcel out funds among these banks in a manner that maximizes both yield and deposit insurance, even as rates change. Through this system, clients are earning approximately 10x more interest, with deposit insurance coverage of up to US$5 million per couple. Max operates independently and is free of conflicts because it is not affiliated with any financial institutions. Its website contains no advertising, and member information is kept in strict confidence.

Online banks have lower operating costs, and they pass on these savings to depositors in the form of higher rates. Max intelligently optimizes the balances each month in search of the best prevailing rates. Max members typically can earn 0.70% to 0.90% more than their current status at traditional “brick-and-mortar” banks.

And its modus operands, Max works quietly in the background, keeping an eye out for the best rates and automatically reallocating its customers cash in their own accounts as rates change. One can view their balances at any time, track the status of each optimization, and get access to cash directly – these are, after all, customers’ bank accounts.

Guarding with a tight security system, Max has designed and constructed its system from the ground up to help keep data and accounts of customers safe and secure. “We worked with leading experts in software security and cryptography in the design and implementation of Max, using the same firm that consults for leading global banks,” explained Gary Zimmerman, CEO of Max.

And how they do it? Well, they primarily use customers’ bank login credentials to create an encrypted connection between Max and their banks. This allows company’s computers to check their account balances, determine an optimal cash allocation, and instruct funds transfers between their accounts, all while protecting the security of financial accounts.

Best Encryption possible with Max

All sensitive data that customers enter into Max’s site is encrypted at rest, transported via encrypted connections, and housed in an encrypted database that is protected both physically and electronically. “We use 256-bit EV SSL encryption — the same level that is used by major banks — to safeguard your financial information in transit,” assures CEO. Other forms of applied cryptography, as well as other information safeguards, are also designed into Max’s systems to provide additional layers of security.

Say no to Fraud with Max!

As a member of Max, one can rest easy knowing that tehir cash is held directly, in their name, in accounts, at the nation’s leading traditional and online banks of their choice. Each bank account linked to Max is insured via FDIC deposit insurance provided directly by each bank. Max never takes custody of its customer’s funds, and is only capable of implementing ACH funds transfers between their own accounts, along path that its customers have personally authorized. The rules governing ACH transfers provide that unauthorized transfers can be reversed so long as they are reported to their banks in a timely manner. That means even in the unlikely event of a data breach, fraudulent transfers can be reversed, helping its customers retain their goodwill secured.

Earn privacy with Max at your doorsteps

By design, none of Max’s employees can sneak into its customer’s bank login credentials or access individual bank balances. “We’ve hired one of the leading privacy experts in the U.S. to help us ensure our practices are consistent with our policies,” adds CEO.

Max helps clients link existing checking and brokerage accounts to a network of higher-yielding online savings accounts. The company monitors changing interest rates on a daily basis and reallocates funds to make sure clients are earning as much interest as possible.

Let’s greet the Key holder

Gary Zimmerman is the Managing Partner of Six Trees Capital LLC and Founder of MaxMyInterest.com. Previously, Mr. Zimmerman was an investment banker at Citigroup, where he was a Managing Director and Global Head of Strategic Solutions for Sovereign Wealth Funds, responsible for advising these funds on their direct investment activities globally. In that role, he spent considerable time in Europe, the Middle East, and Asia advising funds with more than $5 trillion of assets under management.

Earlier, Mr. Zimmerman led Citigroup’s cross-border M&A business in Japan, advising multinational corporations, financial institutions and private equity funds on their strategic ambitions overseas. Prior to joining Citigroup, Mr. Zimmerman worked as an investment banker at Merrill Lynch & Co. and SG Barr Devlin, a division of Societe Generale, both in New York.

Mr. Zimmerman graduated magna cum laude from Harvard University with a degree in Economics, and subsequently completed an executive education program at the Wharton School of The University of Pennsylvania.

"By building a product that was designed solely based on what was in the best interest of the customer, we ended up building a solution that is better for banks and wealth management firms, too."