What others are saying
Testimonials
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What Bankers Say
With reciprocal deposits, we can confidently accept large deposits from our customers.
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.
Delivers a great product with absolutely phenomenal client experience. A true partner.
Community banking is still vibrant, and it’s made more vibrant because of the tools we have at our disposal, such as those provided by IntraFi.
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.
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.
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,
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.
What Depositors Say
Great partners! Critical to achieving our on-balance-sheet deposit goals.
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
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!
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.
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
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.
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.
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
. . . 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].
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 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.
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.
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 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.
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.
