FDIC Insurance

Deposits over $250,000 FDIC Insured through the Intra-Fi Network

Protecting your deposited funds has never been more important. For accounts that exceed the $250,000 FDIC limit, Modern Bank offers insurance through IntraFi Network Deposits. These programs extend FDIC protection across the full value of your deposits*, with the convenience of a single account and personal service of Modern Bank.

* The Modern Bank IntraFi Network program provides FDIC insurance coverage up to $150 million. The individual limit per account type is up to $125 million in on Demand Accounts, and up to $50 million for CD accounts but the total amount across both account types cannot be greater than $150 million.

How IntraFi Network Demand Deposits work

An IntraFi Network Deposit account is a secure and convenient way to manage business deposits of $250,000 or more, with full FDIC protection.

With IntraFi Network Deposits, you can:

Rest assured. Make large deposits eligible for multi-million-dollar FDIC insurance. This protection is backed by the full faith and credit of the federal government.
Access funds. Make unlimited withdrawals on any business day using the IntraFi Network Deposits demand option or up to six program withdrawals per month using the IntraFi Network Deposits savings option. Funds can be placed using either or both IntraFi Network Deposits options to match your cash management and liquidity needs.
Save time. Work directly with Modern Bank to track account activity, balances and other information online. Set up electronic statements from a single Modern Bank account, rather than multiple banks.

How IntraFi Network Certificate of Deposits Works

CD-level rates with the security of FDIC insurance and the convenience and personal service of Modern Bank.

IntraFi Network Certificate of Deposits features:

Peace of mind. Access multi-million-dollar FDIC insurance on CD accounts.
Trusted relationship. Work directly with our dedicated team at Modern Bank. You receive one regular e-statement detailing your CD account.
No monthly or annual fees. You will not be charged annual fees, subscription fees, or transaction fees for using IntraFI Network Certificate of Deposits.
No ongoing collateralization. Because IntraFi Network Certificate of Deposits are eligible for FDIC protection, you can eliminate ongoing collateral tracking.

Frequently Asked Questions (FAQ)

For one, you don’t have to run around and continue filling out paperwork at multiple institutions. With an IntraFi Network account, you only have to open one account to take advantage of the automatic, additional FDIC insurance coverage through the Network’s Banks.

Your deposits are placed into the IntraFi Network of FDIC-insured banks.

Your confidential information is not shared with the IntraFi Network banks. The programs are designed to comply with all FDIC requirements. You can always be confident that your deposits are safe and sound with FDIC insurance.

The Modern Bank IntraFi Network program provides FDIC insurance coverage up to $150 million. The individual limit per account type is up to $125 million in on Demand Accounts, and up to $50 million for CD accounts but the total amount across both account types cannot be greater than $150 million.

In the unlikely event of a bank failure, the bank’s IntraFi Network accounts will be transferred to a healthy institution. This is the FDIC’s preferred approach. If the FDIC is unable to transfer funds to a healthy institution, it will arrange payment of insured principal and accrued interest to depositors.

Disclosures

Use of IntraFi Network Deposits is subject to the terms, conditions, and disclosures set forth in the applicable program agreements, including the IntraFi Participating Institution Agreement. Limits apply, and customer eligibility criteria may apply. Network Deposits is a service mark, and IntraFi, the IntraFi logo, CDARS, ICS, IND, and Insured Overnight Funding are registered service marks, of IntraFi Network LLC.

https://www.intrafinetworkdeposits.com/

Connect with us

Start a conversation with our team and let us help you build

Give us a call 212.323.1100