As banking sector turmoil triggered alarms of a looming payroll crisis across traditional and social media in March 2023, companies like Denver-based BlueModus scrambled to safeguard their cash.
“It hit close to home, and it really made us think,” said Tom Whittaker, president and CEO of the digital agency. “We realized we’d never discussed what could happen if our own bank failed.”
Shortly thereafter, BlueModus’ senior leaders began looking for options to protect its cash. That search led them to a bank that offers ICS®, the IntraFi Cash ServiceSM.
“Once you turn it on, it runs itself.”
With ICS, which is provided by Arlington, Virginia-based fintech IntraFi®, customers can work directly through a single banking relationship to access millions in additional aggregate FDIC insurance at multiple IntraFi network banks for cash balances placed into demand deposit accounts and money market deposit accounts.
Moreover, the bank was using IntraFi’s integration option to automate certain processes and increase overall transparency. As a result, Whittaker and his team decided to make the switch.
The decision has paid off in more ways than one. Not only has BlueModus been able to access FDIC insurance for amounts greater than$250,000, but ICS integration has also made for a seamless experience.
“Once you turn it on, it runs itself,” Whittaker said. “I expected the setup to be more complex and involve a lot of paperwork, but once we outlined a notification procedure, it went quickly.
“The interest we’re gaining is nice, too,” he added.
Freeing Up Finance
Having a single banking relationship has also freed up members of the BlueModus finance team to focus on other top priorities. It’s a benefit that can’t be understated, given the importance of productivity to any company’s profitability and long-term success.
“We were mainly interested in ICS for the security, ”Whittaker said. “You know, one less thing to worry about. But the time savings have been huge, too. For many companies, this would probably be the main selling point—most people think they need relationships with ten other banks to get insurance coverage. They don’t.”
Whittaker has been so pleased with the solution, he’s been urging others, including the company’s CPA and financial advisor, to set up an ICS account.
Whittaker also noted that the value of ICS depends on how a particular bank is using the service. When banks position it well and effectively communicate its benefits, their customers can derive lots of value from ICS.
“Our new bank does a fabulous job with ICS because they really know how to make it work,” he said.
Back to Growing the Business
With a deposit service like ICS in place, BlueModus can focus fully on what it does best: building world class websites for enterprise clients.
Some of the agency’s recent projects include modernizing the Alzheimer’s Association’s web presence, creating a microsite for Ball Corp. that helped facilitate a strategic partnership with Amazon Fulfillment, and reengineering Blue Rhino’s website to improve the user experience.
“IntraFi has created a great tool,” Whittaker said. “It just works. We don’t even have to think about it. And that’s a really good thing, given everything we have going on.”
Want to know more?
Find out how IntraFi can help your bank increase balance sheet flexibility.
(866) 776-6426 | Contactus@intrafi.com | Intrafi.com
