Provide Expanded FDIC Protection for Your Customers
Intrasweep's Demand Deposit Marketplace enables your bank to provide expanded FDIC protection to all its customers by becoming a "Sending Bank." In addition, your customers will receive 100% liquidity on their funds. If your bank would also like to receive deposits to offset the funds you send to other network banks, your bank can be a "Reciprocal Bank."
Benefits to Your Bank
- Provide expanded FDIC protection and 100% liquidity to all customers, including municipals, corporate/commercial, and non–profit customers, as well as high-net-worth households
- Pay interest on excess business checking balances through a fully compliant sweep
- Reduce administrative burdens through automatic transfers
- Profitably supplement your repo program, or even replace it
- Eliminate the need to deal with burdensome new FDIC sweep program rules
- Expand existing customers' relationships by consolidating their multiple banking relationships into single accounts with your bank
- Fund local loan demand and contribute to your community's growth
How It Works
- Customers deposit funds as usual at your bank and into their accounts
- On a daily basis, your bank sends deposits in excess of current FDIC insurance limits to FDIC-insured accounts at other banks
- Your customers receive expanded FDIC protection on their deposits
- Deposits are held in a money market deposit account and funds are accessible by your customers when needed. They are never locked up in certificates of deposit
- If your bank chooses to be a "Reciprocal Bank" it will receive deposits from other network banks, and hold those funds in FDIC-insured accounts for other end-customers. Your bank will continue to be the sole interface with your customers.