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
. . . 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].
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.
ICS came in and its been amazing. And we’re getting more money out of the sweep than money markets originally. Sweep makes so much sense. We cut checks once a week. We don't have to think about it [managing the process]. It has helped to solidify our relationship with our bank. Also I have been with lots of banks here [at my chosen local bank] I can get someone on the phone at any time. Don’t have to have to talk to 18 different people. I can get one person. And when I get someone on the phone, they're there.
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!
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
Tell me a reason not to be doing this(reciprocal deposits)? There isn’t one.
[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.
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.
I will never again bank with a bank that is not part of the IntraFi network.
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.”
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
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.
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.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
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.
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.
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!
Great partners! Critical to achieving our on-balance-sheet deposit goals.
