Protecting your financial assets and ensuring the safety of your deposits are crucial considerations for individuals and businesses alike. In this article, we will dive into the benefits of IntraFi Network Deposits, a service designed to enhance the security of your deposits. Whether you’re looking to protect your personal savings, business funds, or any other type of deposit, we will explore how this service can provide peace of mind and maximize FDIC insurance coverage for your funds.
What is IntraFi Network Deposits?
IntraFi Network Deposits by IntraFi Network LLC is a deposit and liquidity management service. It divides your deposits among multiple participating banks, offering FDIC insurance coverage beyond the standard limits, with the current maximum for insured cash sweeps up to $175 million per depositor.
What Advantages are offered by IntraFi Network Deposits?
- Increased FDIC Insurance Coverage: By spreading your deposits across multiple participating banks, you can potentially access insurance coverage beyond the standard limits.
- Diversification of Risk: By dividing your deposits among multiple banks within the network, you reduce the concentration risk associated with keeping all your funds in a single institution. This diversification helps mitigate the potential impact of a bank failure.
- Convenience and Simplicity: Despite deposits being distributed among multiple banks; you will continue to enjoy the convenience of managing your funds through a single banking relationship. You will receive consolidated statements and have seamless access to your deposits.
Steps to Protect Your Deposits and Key Questions to Ask:
- Verify Bank Participation: Confirm if your bank is a member of the IntraFi Network Deposits program. Contact your bank or visit their website to determine if they offer this service. If not, inquire about alternative options that provide enhanced deposit protection.
- Understand Insurance Coverage: Gain a clear understanding of how your deposits are distributed and insured under the IntraFi Network Deposits program. Inquire about the level of FDIC insurance coverage available for your deposits, as it may vary among participating banks.
- Review Account Statements: Seek clarification on how your account statements and records will be managed across multiple participating banks. Ensure you understand how the reporting process works to stay informed about the status and activity of your deposits.
- Accessing Funds and Withdrawals: Familiarize yourself with the procedures for accessing your funds or making withdrawals from your accounts within the IntraFi Network Deposits program. Understand any specific requirements or limitations that may apply.
- Evaluate Fees and Costs: Inquire about any fees associated with participating in IntraFi Network Deposits. Understand deposit placement fees or administrative charges that may apply. Consider the overall value and benefits of the service relative to any associated costs.
IntraFi Network Deposits offers enhanced security and increased FDIC insurance coverage for your deposits by leveraging a network of participating banks. Whether it’s personal savings, business funds, or any other type of deposit, this service provides an added layer of assurance and peace of mind.
If you have any questions or need assistance in understanding and utilizing services like IntraFi Network Deposits, consider reaching out to your client service team at KROST. Our team of experts is dedicated to helping individuals and businesses protect their financial assets and optimize their banking relationships.
Remember, safeguarding your funds is crucial, and taking proactive steps will provide you with enhanced protection and peace of mind. Discussing these aspects with professionals in the field can help you make informed decisions and ensure greater financial security.
As part of the KROST CAS team, we’ve been closely monitoring our clients’ financial statements and advising on options to safeguard their funds. At KROST, we have our clients’ best interests in mind, contact us regarding any questions on safeguarding your deposits.
About the Author
Sossi Bekarian Matti, CPA, Director
Sossi Bekarian Matti, CPA, is an Accounting Director at KROST. She has been with the firm since 2016 and has experience working on engagements for clients in the Manufacturing, Entertainment, service, Restaurant, and medical industries. As a team member of the accounting department, she specializes in the preparation of financial statements, preparations, compilations, offering consulting services, and training and mentoring staff. » Full Bio