IntraFi Network Deposits | CDARS® + ICS®
Gain peace of mind knowing that you are covered.
These products offer safekeeping and simplicity to investors who want the security of FDIC insurance on large deposits with the convenience of working directly with Southern Michigan Bank & Trust.
Benefits:
- Access multi-million-dollar FDIC coverage.
- Receive regular statements.
- Convenience - Eliminates the hassle of managing multiple banking relationships.
- Safe and Secure - Confidential information is always protected and all deposits are 100% FDIC insured.
Summary of IntraFi Network Deposits:
DDA - MMDA Accounts
- Deposits are allocated to banks that participate in the program (up to $250,000 per bank)
- Daily access to funds
- Customers’ relationship stays with Southern Michigan Bank and Trust
- Customers may exclude certain banks from receiving their deposits
- Automatic sweep service available
CD Accounts
- Deposits are allocated to banks that participate in the program (up to $250,000 per bank)
- Standard CD terms are 4-week, 13-week, 26-week, 52-week, 2-year, and 3-year, or combine to create a custom term[1]
- Customers’ relationship stays with Southern Michigan Bank and Trust
- Customers may exclude certain banks from receiving their deposits
Use of IntraFi Network Deposits is subject to the terms, conditions, and disclosures set forth in the applicable program agreements, including the applicable Participating Institution Agreement and Deposit Placement Agreement. Limits apply, and customer eligibility criteria may apply. Program withdrawals may be limited to six per month for funds placed in MMDAs. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before settlement for a deposit or after settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of IntraFi Network Deposits satisfies those restrictions. One Way, IntraFi Network, Network Deposits, IntraFi Funding and the IntraFi hexagon are service marks, and IntraFi, the IntraFi Network logo, ICS, and CDARS are registered service marks, of IntraFi Network LLC.
