When deposited funds are exchanged on a dollar-for-dollar basis with other banks in IntraFi's network of financial institutions, your bank can use the full amount of a deposit placed through IntraFi Network Deposits for local lending, satisfying some depositors’ local investment goals or mandates.
Placement of funds through IntraFi Network Deposits is subject to the terms, conditions, and disclosures in the program agreements, including the applicable Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. Program withdrawals may be limited to six per month for funds placed in money market deposit accounts. Funds are placed at destination institutions in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination institution. Using multiple destination institutions provides access to aggregate insurance amounts across institutions that are multiples of the SMDIA. Although funds are placed at destination institutions in amounts that do not exceed the SMDIA at any one destination institution, a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before settlement for a deposit or after settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not an insured depository institution). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of IntraFi Network Deposits satisfies those restrictions. A list identifying IntraFi Network insured depository institutions at which funds may be placed through IntraFi Network Deposits may be found at https://www.intrafi.com/network-banks. As provided in the DPA, the depositor may exclude particular insured depository institutions from eligibility to receive the depositor’s funds.