First Internet Bank announced today it has renewed its participation in the IntraFi® deposit network to offer ICS® and CDARS®. The program allows First Internet Bank customers to enjoy the safety and simplicity that comes with access to FDIC insurance protection at IntraFi network banks on deposits in an aggregate amount that is greater than $250,000. With ICS, depositors maintain access to funds placed in money market demand accounts. With CDARS, depositors select from multiple term options for certificates of deposit (CDs).
“The strategic decision to work with IntraFi to offer access to FDIC coverage at network banks provides greater peace of mind and increased deposit safety for our customers,” said Nicole Lorch, President and Chief Operating Officer at First Internet Bank. “We are pleased to participate in the IntraFi network, which has been chosen by more than 3,000 financial institutions to offer reciprocal deposits.”