Making sure your money is secure and accessible, especially with large deposits, is a constant concern. Waypoint Bank partners with IntraFi to get you all the Federal Deposit Insurance Corporation protection you’re looking for, and all the convenience of working with one bank.
What is IntraFi?
IntraFi stands for IntraFi Network Deposits. This product is offered to approved banks, providing an easy and secure means to make sure large balances are covered by the FDIC, while also maintaining access to your money and earning interest. On your behalf, Waypoint Bank can open money market accounts that allow up to six monthly withdrawals as they earn interest, demand accounts that allow unlimited withdrawals but earn no interest, or CD accounts to earn more interest with penalties for early withdrawal.
How does IntraFi work?
If you’d like to make a large deposit – up to $100 million dollars – and have it FDIC-insured, Waypoint Bank can accomplish that for you. We can place your funds into IntraFi Network Deposits that will divide your deposit into amounts of up to $250,000 and place them in FDIC Insured banks. Because all balances are under the $250,000 FDIC limit at each bank, you always remain fully eligible for insurance. Waypoint Bank will receive an equal amount of funds from IntraFi Network banks to ensure your deposits are used locally.
Waypoint Bank is your trusted financial partner
Waypoint Bank continues to serve as your primary contact and will handle all your accounts for you, even for deposits over $250,000, that will be divided among multiple FDIC insured banks. You will only receive one statement for your IntraFi accounts. We will continue to be the only bank that has access to your information and be the only bank that will contact you.
To learn more about IntraFi Network Deposits, please contact your local Waypoint Bank branch today or call 833-541-0854.
Since 1883, Waypoint Bank has been providing superior financial solutions that promote the small-town approach of putting relationships first. For 140 years, we’ve been earning your trust in the most friendly and professional manner possible while guiding your success.
