I’d just add to that. I think most of the competition that we’ve seen has been at the corridor level from a pricing standpoint and we have the capability within our system to price at the corridor or location level. So, we’ve seen a lot of stability in terms of our domestic pricing and even some pricing power in our urgent bill pay product and online product. So as Dave was mentioning, a very stable environment there.

Robert Dodd – Morgan Keegan & Company

Thank you. One last one if I can, you mentioned on the pricing for the official check product it’s Fed funds less 85 give or take. Is there a floor in that? I assume it doesn’t go negative if the Fed cuts rates again?

Anthony P. Ryan

There is no floor in that.

Robert Dodd – Morgan Keegan & Company

So your customers can end up paying you?

Anthony P. Ryan

That would be correct.

Operator

We will take our last question comes from Michael Cohen with Sunova Capital.

Michael Cohen – Sunova Capital

Hi thanks for taking my question. The question is to how you guys are thinking about the amount of unrestricted cash or rather the sort of the $369 million? Do you think that’s kind of the right level? What do you think the right level is long-term given the risk in the portfolio?

Anthony P. Ryan

Yeah good question, I think that our immediate focus of course is liquidity and low risk in terms of the investment strategy. So, as you put those pieces together I mean it’s a level that we feel very comfortable with. I just think over time we’ll be able to tell what level would be the right level. There are a lot of changes going on in our official check business of course that we want to be well prepared for. But, I think the primary focus right now, particularly in this type of market place is really that liquidity perspective and I think we feel quite comfortable. Keep in mind too that $300 and some odd million includes the auction rates and the other CDOs. So I really focus more on that $250 million, $260 million. Based on the way we calculate that, it can change but it’s pretty stable. At this juncture you’re not going to see a lot of changes from market value fluctuations given the nature of the portfolio.

Michael Cohen – Sunova Capital

Is the cash requirement going to be kind of one of the primary drivers as to when you determine whether or not you’re going to pay the preferred dividend in kind or pay it in cash? In other words, if you thought that the right number was $150 would you begin using some of the excess cash to pay the preferred dividend?

Anthony P. Ryan

We look at all of our various obligations starting particularly with our debt service obligations and that’s primarily what we’re focused on. Of course, as you saw this last quarter it was cash payment on our debt. Our credit bank agreements have restrictions in terms of the payments that we can make on certain types of transactions and one of which would be paying a dividend on our preferred stock. So, right now I think just by virtue of our credit agreement we wouldn’t foresee paying cash on them.

Michael Cohen – Sunova Capital