Formally CDARS and ICS Deposit Products
Would you like to access multi-million-dollar FDIC protection on your deposits? You can on deposits placed in demand deposit accounts and money market deposit accounts through IntraFi Network Deposits Demand option, and in CDs through IntraFi Network Deposits CD option—both offered at our bank. To learn more, Contact Us.
Frequently Asked Questions
What can IntraFi Network Deposits do for me?
IntraFi Network Deposits offer a smart, secure, and convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility. With IntraFi Network Deposits, you can:
- Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the IntraFi Network Deposits demand option, money market deposit accounts using the IntraFi Network Deposits savings option, and/or interest-bearing certificates of deposit (CDs) using the IntraFi Network Deposits CD option. Earn one interest rate for each demand or savings option, and one rate for each CD maturity with the CD option.
- Save time. Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement per service from us summarizing your account activity and balances. And, if you are accustomed to collateralization, eliminate the need to track collateral on an ongoing basis.
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions, like ours, that offer IntraFi Network Deposits are members of a special Network. When we place your deposit through IntraFi Network Deposits, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the demand option), money market deposit accounts (using the savings option), or CDs (using the CD option) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
How often can I access my funds?
You can make unlimited program withdrawals using the IntraFi Network Deposits demand option and up to six program withdrawals per month using the IntraFi Network Deposits savings option. With IntraFi Network Deposits CD option, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).
Who has custody of my funds?
Funds placed through IntraFi Network Deposits are deposited only in FDIC-insured banks. We act as custodian for your IntraFi Network Deposits deposits, and the subcustodian is Bank of New York Mellon (BNY Mellon). BNY Mellon is the largest custodian of funds in the world.
Who provides the additional FDIC insurance when my funds are placed using IntraFi Network Deposits?
Institutions, like ours, that offer IntraFi Network Deposits are members of a special Network. Through IntraFi Network Deposits, funds are placed with other Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just our bank, you can access coverage through many.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
Placement of funds through IntraFi Network Deposits is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the IntraFi Network Deposits savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before IntraFi Network Deposits settlement for a deposit or after IntraFi Network Deposits settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of IntraFi Network Deposits satisfies those restrictions. IntraFi Network Deposits are registered service marks of IntraFi Network, formerly Promontory Interfinancial Network.