Customers’ funds can be placed into demand deposit accounts, money market deposit accounts, or both.
- Deposits are allocated to banks that participate in the program (up to $250,000 per bank)
- Daily access to funds
- Customers’ relationship institution owns and maintains relationship
- Customers may exclude banks from receiving their funds
CDARS®
Customers’ funds can be placed into certificates of deposits.
- Deposits are allocated to banks that participate in the program (up to $250,000 per bank)
- Standard CD terms are 3 month, 6 month, 12 month, 24 month and 36 month
- Customers’ relationship institution owns and maintains the relationship
- Customers may exclude banks from receiving their funds
How Does It Work?
Institutions that offer ICS® and CDARS® are members of IntraFi’s network of banks
- Our customers’ large deposits are divided into amounts under the standard FDIC insurance maximum and are placed in deposit accounts at network banks
- Our customers’ funds can be placed into demand deposit accounts, money market deposit accounts, using ICS, and CDs using CDARS
- Our institution sets the rate our customers receive
- Our customers communicate only with our institution and receive one consolidated statement per option
- Our customers’ information remains confidential
Customer deposits funds at network relationship bank
Bank 1, <$250,000 in principal and interest. Bank 2, <$250,000 in principal and interest. Bank 3, <$250,000 in principal and interest.The company behind ICS® and CDARS®
- Founded in 2002
- More than 3,000 U.S. financial institutions have chosen to be members of IntraFi’s network
- Invented reciprocal deposits
- #1 provider of FDIC-insured deposit services
- >$500bn deposits currently placed using our services (as of June 22)
- BNY Mellon handles custody, settlement, record keeping, and issuance