What others are saying
Testimonials
What’s happening in the industry today can have an impact on your business tomorrow. We’re here to provide the information you need and the insights you want from people you can trust. Come back often as we update frequently.
What Bankers Say
Customer support is awesome. They are knowledgeable and great communicators.
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.
[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.
Without reciprocal deposits we couldn’t do what we do in this community
Love the availability of the marketing materials [for financial institutions to use for free when marketing to end customers].
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.
Best quality, in my eyes, is their responsiveness. Excellent customer service.
The ACT Deposit Program offers a streamlined approach for providing essential deposits to our member banks serving their communities. This initiative empowers our members to facilitate homeownership, business growth, and financial stability, contributing to job creation and the overall vitality of communities across America.
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.
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.
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.
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.
IntraFi offers a diversified set of tools that can benefit community banks in any environment they encounter
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.
[IntraFi] gives us a lot of advantages that some of the largest institutions may have today so that we can provide some of our more sophisticated borrowers with the products and services that they really want.
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.
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.
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.
