How IntraFi Network Deposits can work for you.
When you have deposits at a single bank in a single ownership capacity, then you have access up to $250,000 in FDIC insurance at that bank. By using IntraFi Network Deposits, you can access multi-million-dollar FDIC protection through a single bank relationship.
Financial institutions that offer IntraFi Network Deposits are members of a special network. When you submit funds for placement through your bank using IntraFi Network Deposits, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and placed in deposit accounts at other network banks. You can choose to have funds placed in demand deposit accounts (using the demand option), money market deposit accounts (using the savings option), or CDs. With your funds placed in amounts below $250,000, you can rest assured that both principal and interest are eligible for FDIC insurance.
By working directly with just one network bank of your choosing, you can access FDIC coverage from many. And, you can enjoy the convenience of transparent, detailed reporting and the ease of receiving periodic statements from your bank.