FDIC Insurance

Access Millions of Dollars in aggregate FDIC insurance across network banks ICS® and CDARS®

Protecting your deposited funds has never been more important. Institutions, like ours, that offer ICS and CDARS are members of the IntraFi network. When we place your funds through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS), or in CDs (using CDARS), at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.

Note: A list identifying IntraFi networks banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

How ICS, the IntraFi Cash Service®, Works

With ICS, enjoy the safety and simplicity that comes with access to millions of dollars in aggregate FDIC insurance across network banks by placing your deposits in demand deposit accounts and money market deposit accounts.

Note: A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

With ICS, you can:

Rest assured. Make large deposits eligible for millions of dollars in aggregate FDIC insurance across network banks. This protection is backed by the full faith and credit of the federal government.
Access funds. Funds can be placed using either or both options to match your cash management and liquidity needs. Make unlimited program withdrawals on any business day from funds placed in demand accounts or up to six program withdrawals per month from funds placed in money market deposit accounts.
Save time. Work directly with MBG to track account activity, balances and other information online. Set up electronic statements from a single MBG account, rather than multiple banks.

How CDARS, the Certificate of Deposit Account Registry Service®, Works

CD-level rates with the security of access to FDIC insurance and the convenience and personal service of MBG.

CDARs features:

Peace of mind. Access millions of dollars in aggregate FDIC insurance across network banks.
Trusted relationship. Work directly with our dedicated team at MBG. You receive one regular e-statement for funds placed in CDs through CDARS.
No monthly or annual fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS.
No ongoing collateralization. Because funds placed through CDARS are eligible for FDIC protection, you can eliminate ongoing collateral tracking.

Note: A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain
conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

Frequently Asked Questions (FAQ)

For one, you don’t have to run around and continue filling out paperwork at multiple institutions. With CDARS and ICS, you work directly with one bank to take advantage of access to FDIC insurance covered offered through network banks.

Institutions, like ours, that offer ICS and CDARS are members of the IntraFi network. When we place your funds through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250.000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS), or in CDs (using CDARS), at multiple banks within IntraFi’s network.

As a result, you can access coverage from many institutions while working directly with just one. You receive one monthly statement from our bank for each service in which you participate, and, as always, your confidential information is protected.

Your confidential information remains protected and is not shared with network banks. The programs are designed to provide access to FDIC insurance.

When a Destination Institution (DI) holding your funds fails, the failure impacts only the amount of funds that have been placed at that DI, which will be an amount that does not exceed $250,000. Deposits placed through CDARS and ICS at other DIs will not be affected.

Most often, the FDIC finds a healthy bank to assume the deposits of the failed DI. For funds placed in CDs through CDARS, the assuming DI may accept the deposit on the same terms or may offer the depositor a choice of receiving early payment on the CD without penalty or maintaining the CD at a different rate. (See the CDARS Deposit Placement Agreement for more information.)

Disclosures

Deposit placement through an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi, ICS, IntraFi Cash Service, CDARS, Certificate of Deposit Account Registry Service, IntraFi logo, and IntraFi hexagon are registered trademarks of IntraFi LLC.

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