What others are saying
Testimonials
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What Bankers Say
Outstanding record of being responsive and engaged.
IntraFi has provided a wonderful tool for us to fund the expansion of the bank
Without reciprocal deposits we couldn’t do what we do in this community
The resources and the individuals and the integrity of the organization are above reproach. There’s never been a question that’s gone unanswered. Whenever we've had challenging times as an organization, they’ve been by our side.
Delivers a great product with absolutely phenomenal client experience. A true partner.
"IntraFi evens the playing field. It [ICS] allows us to get to the plate and take swings that would otherwise be much harder."
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.
[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.
We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with [ICS and CDARS].
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,
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.
The most important factor in a turnaround is to ensure your capital is adequate….One-Way Sell allowed us to move deposits off our balance sheet to shrink the asset size of the bank and help our capital ratio.
CDARS is a relationship-driven service that opens up the door where you’ve never gone before. Period.
I was told awhile ago that I’d be the last president here - that the bank would have to sell due to regulatory pressures and constraints on earnings. To survive, we needed to grow. In a perfect world, you use core deposits; but core deposits and the loan demand sometimes don’t flow at the same time. So we use [IntraFi] to fill in the gaps. It allows us to leverage the capital we have to grow.
Love the availability of the marketing materials [for financial institutions to use for free when marketing to end customers].
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.
Reciprocal deposits help us better manage our balance sheet. We can more easily determine what to do with excess liquidity and easily follow through on those decisions which lowers our cost of funds and increases our profitability. Most importantly, reciprocal deposits give us another way to further our support for our communities.
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.
What Depositors Say
Tell me a reason not to be doing this(reciprocal deposits)? There isn’t one.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
When we looked at this product (ICS & CDARS), we said yes, absolutely, this is something we need to jump on. It was a no brainer.
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
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.
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
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.
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.
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.
I will never again bank with a bank that is not part of the IntraFi network.
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.
We face the important, but cumbersome task of making certain that our deposits are eligible for protection. To do so, we required our bank to pledge millions of dollars of collateral. It was our responsibility to track the changing values of that collateral every day. Now, thanks to [our bank], we discovered ICS. By placing our funds through ICS, our funds are eligible for FDIC protection beyond $250,000 and earn interest - both of which really benefit us and local taxpayers. The best part is that Capitol Bank can use our deposits to fund local lending and economic growth. And the recurring burden of tracking collateral values is gone. The service is truly a benefit for us.
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
[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.
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.
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!
We were mainly interested in ICS for the security. You know, one less thing to worry about. But the time savings have been huge, too. For many companies, this would probably be the main selling point—most people think they need relationships with ten other banks to get insurance coverage. They don’t.
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.
