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
IntraFi’s customer service is top-notch—they’re proactive, they anticipate our needs, and they do the extra leg-work to make things as seamless for us as possible. I’ve never worked with a more supportive team, much less had a negative experience.
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.
As other institutions started to become more aggressive in raising deposit rates, ICS and CDARS made it easy to accommodate rate-sensitive customers on a case-by-case basis without cannibalizing our other deposits.
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
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] has been a big partner with us in order to fund growth.
IntraFi has provided a wonderful tool for us to fund the expansion of the bank
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.
Half of our members rely on [IntraFi’s] services to attract deposits so they can make loans supporting community development in some of the most underserved urban neighborhoods and rural communities in the country. On average, the community development banks attract reciprocal 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.
Customer support is awesome. They are knowledgeable and great communicators.
It’s fair to say that [IntraFi's] offerings provide a lifeline to minority-owned banks by enabling our members to attract large deposits from civic-minded and socially motivated investors and to put those deposits to work in communities we serve.
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.
Our public funds customers appreciate knowing that when they place their funds through ICS, those funds are eligible for FDIC protection beyond $250,000 and earn interest. That benefits them, as well as local taxpayers, as our bank can make those funds available for investment within the community.
By utilizing the CDARS and ICS services, Community Development Bankers Association (CDBA) member banks have successfully gathered deposits to help underserved communities. These services help the banks to offer their customers access to multi-million-dollar FDIC insurance.
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.
With the help of [IntraFi] and access they provide to multi-million-dollar FDIC insurance, we’ve been able to build loyal, large-dollar relationships.
We’ve been with [IntraFi] for more than 10 years, and it’s been a wonderful relationship. It started with really the need to offer our high-end customers the opportunity to retain insurance for their deposits beyond the traditional FDIC insurance [limit], but we’ve gone way past that. Now, it’s churches, firehouses, school systems, government entities. The product diversification that [IntraFi] offers has really appealed to these other constituencies.
The ACT Deposit Program created a secure and efficient way for community development banks to attract and retain large institutional deposits
What Depositors Say
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.
I will never again bank with a bank that is not part of the IntraFi network.
We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
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.
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!
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!
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
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.
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
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.
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.
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.
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.”
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].
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
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.
