What others are saying
Testimonials
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What Bankers Say
[Pricing] is something that doesn’t get spoken a great deal about when we’re looking at [utilizing reciprocal deposits like IntraFi Cash Sweep] or the CDARS services. You’re pricing these deposits and trying to win over these larger clients, but it’s on your terms rather than a wholesaler that says, ‘Well, this is the price for today - the all-in cost.’
Reciprocal deposits absolutely give us a competitive edge, It levels the playing field by helping us attract and keep large deposits.”
We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with [ICS and CDARS].
I was told awhile ago that I’d be the last president here - that the bank would have to sell due to regulatory pressures and constraints on earnings. To survive, we needed to grow. In a perfect world, you use core deposits; but core deposits and the loan demand sometimes don’t flow at the same time. So we use [IntraFi] to fill in the gaps. It allows us to leverage the capital we have to grow.
We received a ton of deposits during [a specific time], and IntraFi’s services were important in helping us manage our balance sheet and capital position through that growth
IntraFi has provided a wonderful tool for us to fund the expansion of the bank
The flexibility of IntraFi’s variable priced funding options for 6 months, 12 months, and 18 months was huge for the bank.
Through products like CDARS and ICS, community development banks attract deposits at four times the level of other community banks. That translates into loans to small businesses, loans for mortgages and home improvement, loans for revitalization projects - loans that otherwise would not be made.
Without reciprocal deposits we couldn’t do what we do in this community
[IntraFi] gives us a lot of advantages that some of the largest institutions may have today so that we can provide some of our more sophisticated borrowers with the products and services that they really want.
The people are great! So patient and helpful.
With the help of [IntraFi] and access they provide to multi-million-dollar FDIC insurance, we’ve been able to build loyal, large-dollar relationships.
With ICS, we compete by having the opportunity to offer a valued product that offers security to our depositors who want to earn interest. A community bank may be well-known in the community but often must compete with the global banks that may have more notoriety and the perception of greater financial strength.
One of the most powerful aspects of our relationship with [IntraFi] is our ability to attract depositors who believe what we believe - believe that placing capital in an institution that is focused on making a difference in the community is a worthwhile practice. But they want to do so with a fair rate, without additional risk. [IntraFi] has provided, if you will, a wonderful tool for us to fund the expansion of the bank. As we grow the scale of the bank, what we do is grow our capability, our capacity, to be able to lend back into the community. And that’s what it’s really all about, so that we can lend back into the community and really make a difference with these underlying businesses.
Calumet Bank joined [IntraFi] so we could provide [two depositors] access to full federal deposit insurance coverage through reciprocal deposits. We learned that reciprocal deposits were a way to meet the needs of these two depositors, and we reasoned that they could also be used to attract new depositors who wanted [access to] full [multi-million-dollar] federal deposit insurance coverage.
Administratively, IntraFi made it really easy for us. The whole process was so quick and seamless. And every time I call IntraFi, whoever I speak with is terrific.
Outstanding record of being responsive and engaged.
IntraFi’s customer service is top-notch—they’re proactive, they anticipate our needs, and they do the extra leg-work to make things as seamless for us as possible. I’ve never worked with a more supportive team, much less had a negative experience.
What Depositors Say
There is just no downside. This is one of those few products (ICS & CDARS) that work as advertised and there are no gotchas.
[My boss] has an ‘on top of it’ philosophy. [ICS] gives us a single statement and we know we’re protected, and where the money has been transferred to. The service was made for someone like him.
If I am going to take money from investors, it would be a fiduciary lapse not to use these products (ICS & CDARS)
I will never again bank with a bank that is not part of the IntraFi network.
When we looked at this product (ICS & CDARS), we said yes, absolutely, this is something we need to jump on. It was a no brainer.
As a CEO, you don’t ever think of your bank account as not being secure, but that crisis changed my view. Going forward, I would never consider putting my money in a bank that doesn’t offer ICS.
This product offers us both the liquidity and safety that we are looking for and allows us to capitalize on the cash needs of our growing, evolving company, especially through our relationship with [our bank].
We were mainly interested in ICS for the security." “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.”
The IntraFi product protects our funds, earns a competitive rate, and does not cost us the significant time and effort required if we were to do this ourselves.
The tool(reciprocal deposits) provides a very healthy balance for the safety, liquidity, and yield.
