What others are saying
Testimonials
What’s happening in the industry today can have an impact on your business tomorrow. We’re here to provide the information you need and the insights you want from people you can trust. Come back often as we update frequently.
What Bankers Say
We were one of the first banks to join the [IntraFi] network. We realized that CDARS was a game changer - one that would give banks like ours not just competitive equality with large financial companies, but a real competitive advantage in attracting local customers.
We love that [IntraFi] gives us options. We can either attract deposits through and sell the excess to other banks through or purchase funding. This is especially helpful in today’s regulatory environment.
Administratively, IntraFi made it really easy for us. The whole process was so quick and seamless. And every time I call IntraFi, whoever I speak with is terrific.
Best quality, in my eyes, is their responsiveness. Excellent customer service.
We signed up for ICS for three key reasons. First and foremost, it fills a need of our customers by providing them with flexible funds that are eligible for FDIC insurance. Second, it lets us keep those funds on our balance sheet, which gives us the dollars to lend into our communities. Finally, we have been long-time users of other [aspects of the product]. We and our customers have come to trust the quality and professionalism of [IntraFi].
IntraFi’s customer service is top-notch—they’re proactive, they anticipate our needs, and they do the extra leg-work to make things as seamless for us as possible. I’ve never worked with a more supportive team, much less had a negative experience.
Since the ICS was introduced more than a decade ago, we have been recommending that all banks include this innovative product in their funding toolbox…it has been a game-changer for so many of our clients.
I have worked with [IntraFi] since 2009, and I have been continually impressed by the way they continue to seek out innovation with not only the financial institutions in mind, but also the customer experience. Staff [is] typically top notch and extraordinarily responsive.
[Pricing] is something that doesn’t get spoken a great deal about when we’re looking at [utilizing reciprocal deposits like IntraFi Cash Sweep] or the CDARS services. You’re pricing these deposits and trying to win over these larger clients, but it’s on your terms rather than a wholesaler that says, ‘Well, this is the price for today - the all-in cost.’
I would highly recommend IntraFi to other banks. They've been such an incredible resource to us, both in good times and in bad, helping us with resources to help our customers. I also love the fact that I can be completely honest with them and transparent about our business situation. They're not competing with me. They're there to help me keep my customers, rather than to take them away.
Half of our members rely on [IntraFi’s] services to attract deposits so they can make loans supporting community development in some of the most underserved urban neighborhoods and rural communities in the country. On average, the community development banks attract reciprocal deposits at four times the level of other community banks. That translates into loans to small businesses, loans for mortgages and home improvement, loans for revitalization projects - loans that otherwise would not be made.
A valuable partnership means helping each other succeed, and IntraFi allows us to do so. Their reciprocal offering enables us to provide our customers access to millions in FDIC insurance while growing our deposit base. We are proud to provide a solution for our customers and bank with IntraFi’s services.
Customer support is awesome. They are knowledgeable and great communicators.
Without reciprocal deposits we couldn’t do what we do in this community
One of the most powerful aspects of our relationship with [IntraFi] is our ability to attract depositors who believe what we believe - believe that placing capital in an institution that is focused on making a difference in the community is a worthwhile practice. But they want to do so with a fair rate, without additional risk. [IntraFi] has provided, if you will, a wonderful tool for us to fund the expansion of the bank. As we grow the scale of the bank, what we do is grow our capability, our capacity, to be able to lend back into the community. And that’s what it’s really all about, so that we can lend back into the community and really make a difference with these underlying businesses.
I also love the resources IntraFi provides for there to be peer-to-peer discussions... Peer Intelligence was such a blessing a couple of years ago when that was launched, where I could post questions without disclosing the bank that I was at and ask critical questions, whether it was regarding products and services … or leadership issues.
ACT is really an expansion of the funding pool and of the relationships that drive success at MDIs and CDFIs. It's a long-term play, not a short-term gap-filler,
[Section 202 of S. 2155] gives Empire State Bank a powerful new tool to compete with the largest institutions for the deposits generated by small professional offices. It provides a way for Empire State Bank to attract new, valuable customers - customers that not only have sizeable deposits, but who can act as a referral source to other customers for our lending and other services. It also gives the bank a tool for managing liquidity.
What Depositors Say
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
Upon joining the county treasurer’s office, I was intrigued to learn that a portion of the county’s funds were placed through CDARS. I quickly appreciated the security and ease of placing large deposits through a single bank while keeping the money FDIC insured, and have since added the ICS serivce as well. CDARS and ICS free up the capital of smaller banks to finance community growth while still allowing them to accept our larger deposits. We can support the prosperity of the community while investing the taxpayers’ money competitively and safety through a community bank. A winning combination.
I will never again bank with a bank that is not part of the IntraFi network.
I was looking for a flexible investment vehicle that I could use for a special need we had. With ICS and CDARS, I found safety, flexibility, and yield - all in one place! I’m comfortable we are protected [with ICS and CDARS]. The money was sitting in a non-interest account. Watching interest come in was lovely. And we need to have access to cash quickly. Some restricted, some operational, some for purchase of land we account for that separately in house but it’s all lumped into one account for interest purposes.
This product offers us both the liquidity and safety that we are looking for and allows us to capitalize on the cash needs of our growing, evolving company, especially through our relationship with [our bank].
[My boss] has an ‘on top of it’ philosophy. [ICS] gives us a single statement and we know we’re protected, and where the money has been transferred to. The service was made for someone like him.
With ICS, our town can access multi-million-dollar FDIC insurance protection, as well as earn interest. Plus, our bank can make these funds available for investment within the local community.
I was looking for a flexible investment vehicle that I could use for a special need we had. With ICS and CDARS, I found safety, flexibility, and yield - all in one place!
The IntraFi product protects our funds, earns a competitive rate, and does not cost us the significant time and effort required if we were to do this ourselves.
The previous Treasurer kept all the money in local government pools, and then had pledged securities as collateral. All of the money was not local. They didn't have any local banks. So what I did when I came in as treasurer was analyze those accounts and move a large portion of our money to local community banks. [Our city] is the state capital, but it is a very small town so to speak. Now, having that money in municipal local banks was important for me because then the local banks can then lend that money out to local businesses. I worked for 25 years in banking and understand that concept, so it was important to me that the municipality helped support the local financial institutions. Without IntraFi that would not have been possible.
I have found participation in the CDARS [service] to be simple and a time saver. We earn very competitive interest rates on our investments while freeing up staff time. We were in the CDARS [service] during our last audit and passed with flying colors!
As a CEO, you don’t ever think of your bank account as not being secure, but that crisis changed my view. Going forward, I would never consider putting my money in a bank that doesn’t offer ICS.
Great partners! Critical to achieving our on-balance-sheet deposit goals.
Our school system has utilized the CDARS service for years and is very pleased about the addition of the ICS service. With CDARS, we have access to FDIC insurance on our funds that are invested for a longer timeframe while meeting our investment policy mandates and earning CD-level returns. With ICS, we can protect and invest our funds on a shorter-term basis while earning a return. CDARS and ICS combined provide us with an efficient cash management solution.
I like that I can log in [to the ICS Depositor Control Panel] and see where funds are and can show a client to explain how more than $250K is insured. It’s nice to pull up a website and show them where their money is, even if in 25 different banks overnight.
ICS came in and its been amazing. And we’re getting more money out of the sweep than money markets originally. Sweep makes so much sense. We cut checks once a week. We don't have to think about it [managing the process]. It has helped to solidify our relationship with our bank. Also I have been with lots of banks here [at my chosen local bank] I can get someone on the phone at any time. Don’t have to have to talk to 18 different people. I can get one person. And when I get someone on the phone, they're there.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
