IntraFi Network Deposits
How does it work?
When you deposit funds through First National’s Sweep Service, an IntraFi Cash Service® (ICS)¹, your money is spread across accounts at different IntraFi network banks. Each bank only accepts a portion of your deposit, keeping each account within the $250,000 FDIC insurance limit. It’s important to let us know if you have other accounts at any of these banks, so your total deposits remain under the limit.
Why choose the IntraFi Network Deposits?
ICS is designed for large depositors looking for security. They help you maintain FDIC insurance on amounts exceeding $250,000 while also providing flexibility and earning potential. IntraFi is ideal for businesses, government entities, tribes, large corporations and nonprofits focused on capital preservation and liquidity.
Peace of mind: Rest assured knowing your funds are eligible for FDIC insurance protection in amounts well into the millions, all backed by the full faith and credit of the federal government. And since deposit accounts are not subject to floating net asset values, you can feel secure knowing that market volatility will not negatively affect principal.
Interest and liquidity: Put cash balances to work and enjoy access to funds placed in demand deposit accounts.
Time savings: Work directly with our local bankers and say goodbye to managing multiple bank relationships. You will receive a single statement that summarizes your total deposits across all participating banks.
Community support: Your funds can help support First National’s community lending opportunities, helping Alaska small businesses grow, nonprofits further their missions and individuals finance higher education.²
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Disclosures
- 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. Deposits prior to placement in ICS are generally not FDIC-insured. 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.
- 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.