Testimonials

Every dollar that you put into our bank through ICS or CDARS (IntraFi’s brand names for reciprocal deposits) comes right back here, and we can then lend it back out to help keep the local economy vibrant.

I have seen nothing but forward thinking and innovation recently at [IntraFi], and I love it! There is beauty in simplicity, and [IntraFi] offers this along with bells and whistles when we need them.

[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.’

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].

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 has provided a wonderful tool for us to fund the expansion of the bank

[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.

The service is impeccable.

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 received a ton of deposits during [a specific time], and IntraFi’s services were important in helping us manage our balance sheet and capital position through that growth

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.

Calumet Bank joined [IntraFi] so we could provide [two depositors] access to full federal deposit insurance coverage through reciprocal deposits. We learned that reciprocal deposits were a way to meet the needs of these two depositors, and we reasoned that they could also be used to attract new depositors who wanted [access to] full [multi-million-dollar] federal deposit insurance coverage.

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.

Reciprocal deposits are popular because they tend to be associated with multi-million-dollar depositors, enabling banks to attract deposits in large chunks with lower acquisition and maintenance costs as costs tend to be spread over much larger deposit amounts. Moreover, they tend to come from local customers at rates that are more in line with local pricing norms. They also tend to come from customers who are more likely to be interested in a broader, more long-term relationship that may include mortgages, credit cards, and other profit-generating services.

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.

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.

With great success, we are selling ICS to our large-deposit clients as a retention vehicle, as well as using ICS to lower cost of funds and attract new deposit business.

Having access to the kind of scale that IntraFi provides us with is why our partnership is so successful. The ability to access large amounts of funding so quickly is essential. We have also been able to use IntraFi’s solutions to access funding on good terms as far as interest rates which is very important to the bank. IntraFi excels in customer service and responsiveness making doing business with them easy.