Safety for Large Deposits

Can we insure your large deposits beyond the FDIC limit? Absolutely – we make it easy!

You probably know that bank deposits of up to $250,000 are fully protected by the Federal Deposit Insurance Corporation (FDIC). But how do you insure amounts beyond that limit? It’s easy if you’re a Taylor Bank customer. That’s because we’re part of the IntraFi® network. So we can offer individuals and businesses virtually unlimited FDIC protection.

How does this service work?

It’s actually very simple. Large deposits are divided into amounts below the $250,000 limit, and placed at separate banks within the IntraFi network. There are around 3,000 network banks across the country.

For example, let’s say you have a total deposit of $550,000. Those funds would be divided into three separate deposits. In a typical scenario, about $100,000 will be kept at Taylor Bank and $225,000 will be placed at two other participating banks. In this way, each deposit falls within the FDIC limit and therefore qualifies for complete insurance coverage.

“The beauty is that you don’t have to go to multiple banks to get full FDIC protection on large deposits,” says Jen Scott, VP, Banking Product Manager at Taylor Bank. “We take care of everything as the single point of contact, and we send you one statement that shows you all account activity. So you know exactly where your money is and how it’s invested.”

How will your funds be invested?

You have two options, ICS® and CDARS®, which offer different levels of liquidity and rates of return.
  • ICS (IntraFi Cash Service): The funds are placed in demand deposit accounts, such as checking and money market accounts. This option keeps the money fully liquid so you can withdraw it at any time, but typically earns a lower rate of return than CDARS.
  • CDARS (Certificate of Deposit Account Registry Service): The funds are placed in CDs for a specified term. You will earn higher returns, but if you need to withdraw your money before the term ends, you will face substantial penalties.
“You can choose either one, or both,” says Scott. “Many of our customers combine both options based on their desired returns and cash flow needs.”

“We chose ICS, as our cash fluctuates so frequently that we didn’t see a need to use CDs to gain a little more interest,” says Rick Holland, General Manager of the Adkins Company, the hardware and building materials supplier in Berlin, Maryland. “ICS gives us immediate access to our cash and an interest-bearing benefit.”

Will your money stay within the community?

Yes. This is one of the most attractive features of the program. “When we deposit money into the banks that participate in the IntraFi network, the use of those funds remains local,” says Scott. “So we can still use those funds to support local families, businesses, and initiatives, which is very important to all of us.”

“It does feel good knowing that our money is staying local, supporting both the community and other local businesses like ourselves,” says Holland.

What does this cost?

“There's no additional cost to the customer to use these services,” says Scott. IntraFi network services through Taylor Bank offer a smart, secure, and convenient way to access full FDIC protection on your large deposits. You will earn competitive returns, and enjoy great flexibility in how you invest and access your funds.

“I would encourage all local businesses to take a look at this program,” says Rick Holland. “We’ve had nothing but great results.”

To learn more or get started, please visit any branch or contact Jen Scott at 410.202.2251.

IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFiNetwork LLC.