IntraFi (Large Deposit Insurance)
Safe, Simple Deposit Management
Work directly with First Fed to enjoy the safety and peace of mind that comes with access to millions in additional FDIC insurance, provided through our partnership with IntraFi and its network of banks. Instead of personally having to deposit money at various banks to insure all your funds (traditional FDIC insurance coverage is up to $250,000), we do it for you. Customers can also choose the IntraFi deposit service or combination of services that offer the returns and access to their funds they want.
How Does IntraFI Work?
First Fed will take your single, large deposit and work with IntraFi to divide it into smaller amounts across several banks. Through this process, you receive the FDIC coverage you want while only having to bank with First Fed. Better yet, you receive just one statement from First Fed reflecting your entire deposit amount.
Want to learn more about IntraFi and your options? Visit a branch today!
[1] When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS and CDARS, our bank can use the full amount of a deposit placed through ICS or CDARS 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 an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi, the IntraFi logo, ICS, and CDARS are registered trademarks of IntraFi LLC.