Certificate of Deposit Account Registry Service Insured Cash Sweep
The Insured Network Deposits (IND) service was a deposit sweep service for broker-dealers and other custodians of funds. In 2021, the service was reconfigured with several other services offered by IntraFi Network (formerly Promontory Interfinancial Network) into IntraFi Network Deposits, and IntraFi Funding.[1]
Using the service, broker-dealers automatically transfer, or “sweep,” unused cash balances from customer brokerage accounts to interest-bearing deposit accounts at banks insured by the Federal Deposit Insurance Corporation (FDIC) and savings associations. The banks may be affiliated or unaffiliated with the broker-dealer.[2]
By sweeping funds to multiple banks, broker-dealers that use the IND service offer their customers access to FDIC insurance at multiple banks and, therefore, in larger amounts, than the standard FDIC insurance limit for any one bank. Use of a deposit sweep service is an alternative to sweeping funds to money market mutual funds, which are not FDIC insured.[2] This service also provides relatively stable floating-rate funding to banks and savings associations.[3]
The InsuredNetworkDeposits (IND) service was a deposit sweep service for broker-dealers and other custodians of funds. In 2021, the service was reconfigured...
The Insured Cash Sweep or ICS service is used by banks and savings associations that are insured by the Federal Deposit Insurance Corporation (FDIC)....
FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance. Only the above types of accounts are insured. Some...
offerings: Certificate of Deposit Account Registry Service, or CDARS; Insured Cash Sweep service, or ICS; and the InsuredNetworkDeposits service, or IND. IntraFi...
withdrawn and interest paid. In the United States, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit...
or even making a cash deposit with the state.[citation needed] An insurance company may inadvertently find that its insureds may not be as risk-averse...
financial institutions insured by the Federal Deposit Insurance Corporation becoming direct members making it much easier for the ACH network to be used by banks;...
the Security First Network Bank (SFNB), launched in October 1995, and was the first direct bank to be insured by the Federal Deposit Insurance Corporation...
closing again. The Heritage Loan & Investment bank was insured by the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), a state-chartered nominally...
SVB would be fully protected and would have access to both insured and uninsured deposits starting the following Monday, March 13. The FDIC then established...
specialised and focused regulators. All banks with FDIC-insureddeposits have the Federal Deposit Insurance Corporation (FDIC) as a regulator. However,...
unions, whereas commercial banks and savings institutions are insured by the Federal Deposit Insurance Corporation. The NCUA is governed by a three-member...
wealthy individuals holding large deposits, but balances exceeding $250,000 were not insured by the Federal Deposit Insurance Corporation (FDIC). Silvergate...
term certificates (certificates of deposit), and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African...
the safety of deposits in member banks, up to $250,000 per depositor per bank. As of November 18, 2010[update], the FDIC insureddeposits at 6,800 institutions...
Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States...
Session, March 7, 2013 Public Law 91-508, 91st Congress, H.R. 15073: Federal Deposit Insurance Act, amendments, 1970 Bank Secrecy Act Section 16. Report of...
offer 100% deposit insurance to their clients, whereas Swiss-domiciled banks are insured for a maximum of 100,000 CHF via the esisuisse deposit insurance...
Services and is FDIC insured. In 2005, Discover Financial Services acquired Pulse, an interbank electronic funds transfer payments network. This allowed Pulse...
institutions. (Like the Federal Deposit Insurance Corporation (FDIC), FSLIC was a permanent corporation that insured savings and loan accounts up to $100...
Maryland, United States. It holds more than $5 billion in assets, and is insured by the National Credit Union Administration. The credit union has about...
Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the...
during 2023 United States banking crisis as its deposits were heavily diversified and the majority was insured through the United States' FDIC program. Amerant...
used bank certificates of deposit to defraud tens of thousands of people. Certificates of deposit are usually low-risk and insured instruments, but the Stanford...
depositors whose accounts were larger than the Federal Deposit Insurance Corporation (FDIC)-insured $250,000. Signature Financial's taxi medallion lending...
Division of the North Carolina Department of Commerce. SECU member deposits are insured by National Credit Union Administration (NCUA) of the U.S. federal...
Inc., a Texas one-bank holding company. It is Federal Deposit Insurance Corporation insured, and is a member of the Independent Community Bankers of...
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