[1] When deposited funds are exchanged on a
dollar-for-dollar basis with other institutions that
use ICS, our bank can use the full amount of a deposit
placed through ICS for local lending, satisfying some
depositors' local investment goals
or mandates. Alternatively, with a depositor's
consent, our bank may choose to receive fee income
instead of deposits from other participating
institutions. Under these circumstances, deposited
funds would not be available for local lending.
Deposit placement through CDARS or ICS is subject to
the terms, conditions, and disclosures in applicable
agreements. Although deposits are placed in increments
that do not exceed the FDIC standard maximum deposit
insurance amount ("SMDIA") at any one destination
bank, a depositor's balances at the institution that
places deposits may exceed the SMDIA (e.g., before
settlement for deposits or after settlement for
withdrawals) or be uninsured (if the placing
institution is not an insured bank). The depositor
must make any necessary arrangements to protect such
balances consistent with applicable law and must
determine whether placement through CDARS or ICS
satisfies any restrictions on its deposits. A list
identifying IntraFi network banks appears at
https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to
receive its funds. IntraFi and ICS are registered
service marks, and the IntraFi hexagon and IntraFi
logo are service marks, of IntraFi Network LLC.
Interest rates may vary and fees may apply.