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What Are IntraFi Network Deposits — and How Do They Work?

September 28, 2023

As banking customers search for more innovative and secure options for managing their money, IntraFi Network Deposits* have emerged as an effective solution. These network deposits are gaining popularity among businesses and individuals looking for a reliable way to safeguard their funds while also earning competitive interest rates.

If you are wondering, “What are IntraFi Network Deposits?” and why they were created, we have information that can help businesses and individuals. Learn more about this banking service and how it may be able to help protect your hard-earned savings.

How Do IntraFi Network Deposits Work?

IntraFi Network Deposits are a valuable financial solution for individuals and businesses with substantial bank deposits. Its primary aim is to ensure that the full value of these deposits remains fully insured under the Federal Deposit Insurance Corporation (FDIC) coverage limit.

When deposit funds enter the IntraFi network, they are divided into amounts under the FDIC standard maximum deposit amount and placed with other network members. Each one is an FDIC-insured institution, making the deposit eligible for FDIC insurance at each member bank.

This allows depositors the safety of FDIC insurance for large deposits all through a single bank relationship with their trusted financial institution.

With the reliability and experience of IntraFi Network Deposits, you can have peace of mind knowing that your deposits are consistently monitored and adjusted to remain within set limits, keeping principal and interest fully protected.

Why Was IntraFi Created? 

This unique banking solution was developed in response to the evolving needs and concerns of large depositors. The IntraFi Network addresses the limitations of the FDIC Standard Maximum Deposit Insurance Amount (SMDIA), which only covers deposits up to $250,000 per depositor, per financial institution, and per account ownership category.

In today’s volatile financial landscape, many individuals and businesses have found it challenging to protect large sums of money that exceed the FDIC standard with their primary bank. 

To counteract this challenge, IntraFi Network Deposits allows depositors to spread their funds across multiple financial institutions while enjoying the convenience of dealing with a single point of contact.

By creating a network of over 3,000 member banks, IntraFi enables individuals and businesses to keep their large deposits within their local communities rather than sending money into overseas accounts. The result is a more secure and flexible way to safeguard assets and high-value deposits with a banking solution that is consistent with applicable law. 

What Are IntraFi Network Deposits: The Benefits of This Service

Individuals and businesses that choose IntraFi Network Deposits gain several significant advantages for managing their wealth and ensuring financial protection for their assets.

1. Enhanced FDIC Protection

By spreading funds across multiple institutions, depositors can have the assurance of multi-million-dollar FDIC protection for their deposits without exceeding the SMDIA limit at any one bank.

2. Competitive Interest Rates

By leveraging the IntraFi Network, depositors may be able to access competitive interest rates, often surpassing the rates offered by stand-alone money market accounts and Treasury notes. 

3. Simplified Management

IntraFi Network Deposits also offer the convenience of dealing with a single point of contact, such as Texas Gulf Bank, simplifying the account management process. Depositors enjoy the control of secure, consolidated account reporting, avoiding the hassle of juggling multiple accounts across several different banks.

4. Flexibility

Depositors have the flexibility to diversify their funds across multiple FDIC-insured banks by utilizing a combination of certificates of deposit (CDs), demand deposit accounts, or money market deposit accounts. This strategic approach allows individuals and businesses to reduce their risk.

Start The IntraFi Process with Texas Gulf Bank 

Texas Gulf Bank has proudly served the Southeast Texas Gulf Coast region for over 110 years, so we understand the unique banking needs of local businesses and individuals. We strive to offer banking solutions and loan options that strengthen the community and protect valuable assets, including IntraFi Network Deposits.

As a member of the IntraFi Network, our bank can help you or your business protect high-value deposits through IntraFi deposits and money management options. We offer a seamless account management process that allows you to manage your deposits across all network banks.

Before enrolling, our Account Managers will take the time to fully explain all account terms, conditions, and disclosures so you have a complete understanding of how to effectively monitor and manage your deposit funds and investment options.

When you are ready to begin the IntraFi process, you will make an initial deposit with Texas Gulf Bank, which is then spread across multiple member institutions of the IntraFi Network. This ensures that no single deposit exceeds the Standard Maximum Deposit Insurance Amount (SMDIA) limit, minimizing risk and maximizing the protection of your assets.

Despite having your funds spread across multiple banks, you deal with a single financial institution, helping simplify the account management process. You’ll receive confirmation of account updates and gain access to reports showing depositor balances across all banks. 

Contact Us Today to Apply

To learn more about IntraFi Network Deposits, how they can improve your money management options, or to apply for IntraFi, contact the Treasury Services Department at Texas Gulf Bank.

We can answer more of your questions in addition to “What are IntraFi Network Deposits?” and help you prepare to protect your assets and grow your wealth.

*CDARS is a registered service mark within the Intrafi Network, LLC

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