Introduction

IntraFi Network Deposits allow investors to spread their money among several local, FDIC-insured banks. Customers who invest in certificates of deposit through the IntraFi Network have access to FDIC insurance on their principle and interest, offloading the risk of a bank collapse onto the insurance provider.

FDIC Limits

Your deposits in the bank are safeguarded against insolvency thanks to the Federal Deposit Insurance Corporation (FDIC) insurance scheme. Nevertheless, there is a limit of $250,000 on deposits made by any individual. Most people don't need to save more than $250,000 in fully-insured CDs, but some do. If you have more than the maximum coverage limit, you have two choices:

• Put your cash in an uninsured bank account and hope for the best.
• Avoid keeping a large sum of money in a single FDIC-insured bank; instead, spread it across many.

Option 1 is too risky for most people, while Option 2 might be tedious and time-consuming. Thanks to IntraFi, you may quickly diversify your banking portfolio without adding any additional workload. We plan to put most of your money in CDs with maturities varying from 30 days to 5 years. You can consolidate all of your CDs into one monthly statement, get a fixed rate across all maturities, and have to deal with one bank by using IntraFi.

How IntraFi Network Deposits Works

The FDIC will insure your deposits if you deposit $250,000 or less in a single bank that a corporation does not own. Your IntraFi Network Deposits up to $1,000,000 are certified by the FDIC at any financial institution in the network. Financial institutions participating in the IntraFi Network Deposits program form a specialized network. When you submit an amount for IntraFi Network Deposits to Security Federal, the bank will divide it up among other network banks so that the total amount of your deposits do not exceed $250,000.

You can have your funds deposited into a demand deposit account, a money market deposit account, or a certificate of deposit. All deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation (FDIC). By opening an account at any of the participating banks in the network, you are immediately eligible to take advantage of the FDIC insurance coverage at any other banks. Also, the bank's transparent and comprehensive reporting could make getting your monthly bank statement a snap.

Paying in With the IntraFi System

Participating Banks

You can only use IntraFi if you bank with a financial institution that accepts and supports the platform. The network consists of potentially thousands upon thousands of banks, and perhaps you already have a business relationship with one of them. First, you can ask any local bank if they are part of IntraFi.

Deposit Funds

The first step is to have your bank assist you in completing an IntraFi Deposit Placement Agreement. The following step is to deposit funds. The funds will be spread across other member banks so that no single bank's total assets surpass the FDIC's maximum insurance limit.

Track Your Funds

For its part, IntraFi markets itself as a simple software solution. Keeping track of your many bank accounts in multiple places is unnecessary (including separate login credentials and statement schedules).

How Much Does It Cost?

It is not IntraFi that receives the money from the customers. No subscription, transaction, or other fees are assessed for the essential function of transferring funds between banks that are part of the network. This ease of use may come at the expense of a lower CD rate than you might be able to achieve by performing your research. You'll get a surefire way to safeguard your funds in exchange.

Is IntraFi Safe?

IntraFi has been a legitimate company since 2003. It was created by Promontory Interfinancial Network, LLC, a company started by ex-financial regulators. Like at an FDIC-insured bank, your money is safe here. Your funds are sent directly and safely to one of our member banks; Promontory never has access to them.

Conclusion

IntraFi Network's all-weather solutions help banks and credit unions boost their brand value, cut down on the time and money spent raising capital, reduce the amount of collateral required, and bring in new revenue via service fees for moving customer deposits. The solutions offered by IntraFi are scalable enough to give users access to finance worth tens of billions of dollars, the highest capacity per depositor and bank, and the confidence to regularly make large-dollar investments without worrying about negative consequences. Because of our size, diversity, and scale, IntraFi Network can provide its members with one-stop shopping, lower prices, and more returns than they could achieve working alone or with competing alternatives.