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IntraFi

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 at Waypoint Bank, providing an easy and secure means to make sure large balances are covered by FDIC insurance, 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 but which have 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. You no longer need to take the time to go to several banks to deposit your large sums of money. You can deposit it all with Waypoint Bank, and we will do the work for you. It is safe, secure, and convenient.

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.

Disclaimer

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 depositors’ 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. 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. A list identifying IntraFi network banks appears at 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.)

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