What others are saying
Testimonials
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What Bankers Say
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.
Without reciprocal deposits we couldn’t do what we do in this community
With ICS, we compete by having the opportunity to offer a valued product that offers security to our depositors who want to earn interest. A community bank may be well-known in the community but often must compete with the global banks that may have more notoriety and the perception of greater financial strength.
CDARS is the perfect match for us and our public fund customers. It can eliminate the need for deposit collateralization, which frees up our time, frees up their time, and reduces everyone’s administrative tracking costs. It also allows our previously restricted funds to work harder and for their funds to be channeled back into the local community. We all win.
[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.
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.
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.
IntraFi is a different kind of fintech. IntraFi partners with banks and provides solutions for banks. In fact, it weaves the nation's banking industry together in order to provide increased deposit insurance coverage and this ability to gain wholesale deposits. And so [IntraFi is] certainly not a competitor with banks.
Best quality, in my eyes, is their responsiveness. Excellent customer service.
Through products like CDARS and ICS, community development banks attract 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.
Customer support is awesome. They are knowledgeable and great communicators.
[IntraFi] wants to serve us. It’s all about the relationship.
IntraFi has provided a wonderful tool for us to fund the expansion of the bank
Love the availability of the marketing materials [for financial institutions to use for free when marketing to end customers].
We’ve been with [IntraFi] for more than 10 years, and it’s been a wonderful relationship. It started with really the need to offer our high-end customers the opportunity to retain insurance for their deposits beyond the traditional FDIC insurance [limit], but we’ve gone way past that. Now, it’s churches, firehouses, school systems, government entities. The product diversification that [IntraFi] offers has really appealed to these other constituencies.
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.
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.
IntraFi offers a diversified set of tools that can benefit community banks in any environment they encounter
What Depositors Say
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.
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.
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.
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.”
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
An important motivator in our using a single bank is that the business is a cash business, and every day we must make trips to the bank, as the company collects money from customers on a daily basis. Many still pay in checks. Having one bank to work with [using ICS and CDARS] makes it much easier.
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.
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.
Tell me a reason not to be doing this(reciprocal deposits)? There isn’t one.
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.
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
[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 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!
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.
. . . You know, we've gotten a little bit more sophisticated since I've come. They used to make about 50 to 100 grand a year in interest. Last year, or this year ending June 30, we probably will make almost half a million [while protecting our investment with FDIC insurance].
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.
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
