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Partnership with IntraFi Network to Support Businesses

eoe86 by eoe86
April 14, 2023
in Banking
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Partnership with IntraFi Network to Support Businesses
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If your business has more than $250,000 to protect, know that Core Bank offers IntraFi® Network Deposits. With Insured Cash Sweeps (ICS®) and Certificate of Deposit Account Registry Service (CDARS®), you can access multi-million-dollar FDIC protection by working directly with Core Bank. This solution offers customers access to multi-million-dollar FDIC insurance, yield, flexibility and more.

  • Rest assured. Know that deposits well into the millions are eligible for FDIC insurance protection. Because deposit accounts are not subject to floating net asset values, market volatility will not negatively impact principal.
  • Earn interest. Put cash balances to work in demand deposit accounts, money market deposit accounts, or CDs.
  • Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds. Forego the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.1

  • Manage liquidity. Enjoy access to funds placed into demand deposit accounts and money market deposit accounts. With CD placements, select from multiple terms to meet your liquidity needs.
  • Get the transparency you want. Receive one easy-to-read, detailed statement from us.
  • Support your community. Feel good knowing that the full amount of funds placed through ICS and CDARS can stay local to support lending opportunities that build a stronger community.2 

View the video https://youtu.be/pLF9cqIqha8 about how ICS and CDARS works. You can learn more about the Intrafi Network Deposits online at Business Account Management Services | Core Bank

  • If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions.
  • When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.

The post Partnership with IntraFi Network to Support Businesses appeared first on Core Bank.

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