What others are saying
Testimonials
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What Bankers Say
[Reciprocal deposits] have been a key driver for us in the last several years. We’ve been able to drive the wholesale brokered deposits down and substitute [them] with [reciprocal deposits]. The big difference that I see, in addition to just sheer volume, is the pricing. Wholesale pricing is a lot higher. You can drive and price these deposits the way your market [commands] and the way you would your other pricing decisions.
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.
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.
Investors used to ask for our financial statements, loan portfolios, delinquency rates, and so on. Now, the first thing they mention when they come into our bank is CDARS or ICS. They know the services, and they want the insurance access. As far as our customers are concerned, it’s a no-brainer.
Administratively, IntraFi made it really easy for us. The whole process was so quick and seamless. And every time I call IntraFi, whoever I speak with is terrific.
CDARS is a relationship-driven service that opens up the door where you’ve never gone before. Period.
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.
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.
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.
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.
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.
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 flexibility of IntraFi’s variable priced funding options for 6 months, 12 months, and 18 months was huge for the bank.
Delivers a great product with absolutely phenomenal client experience. A true partner.
We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with [ICS and CDARS].
I would highly recommend IntraFi to other banks. They've been such an incredible resource to us, both in good times and in bad, helping us with resources to help our customers. I also love the fact that I can be completely honest with them and transparent about our business situation. They're not competing with me. They're there to help me keep my customers, rather than to take them away.
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].
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
What Depositors Say
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.
Great partners! Critical to achieving our on-balance-sheet deposit goals.
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.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
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.
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].
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!
