What others are saying
Testimonials
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What Bankers Say
With reciprocal deposits, we can confidently accept large deposits from our customers.
We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with [ICS and CDARS].
The ACT Deposit Program created a secure and efficient way for community development banks to attract and retain large institutional deposits.
IntraFi can be so helpful to banks in terms of their liability management. It can help them attract and maintain their deposits, typically from their local customers, and it can help them earn fee income in addition. I think one of the great things about it is [that] it helps community banks, particularly, compete with the largest banks for deposits and compete with money market mutual funds. And so this is something that's so important to community banks in terms of having the money they need to lend in their communities.
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.
Delivers a great product with absolutely phenomenal client experience. A true partner.
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.
The service is impeccable.
What Depositors Say
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.
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.
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.
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.
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
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].
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.
