Secure Your Large Deposits with Access to Aggregate FDIC Insurance at Network Banks

IntraFi is a leading provider of deposit insurance services that allows individuals and businesses to protect large deposits beyond the standard $250,000 limit.

It is a financial technology company offering simple, streamlined deposit and liquidity management solutions, available at thousands of banks nationwide. Tens of thousands of depositors, including businesses, nonprofits, government entities, and high-net-worth individuals collectively place billions of dollars using IntraFi’s tested, trusted services. 

A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks.  Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

When New Omni Bank places your funds through IntraFi’s CDARS^® service, your funds are automatically allocated across its network of banks, ensuring that no more than $250,000 is held at any one institution, providing access to protect for your funds.

CDARS, the Certificate of Deposit Account Registry Service^®, is a service that allows you to protect large deposits over $250,000 having them distributed across IntraFi’s network of FDIC-insured banks, ensuring access to insurance coverage for your large deposit.

Yes, you can choose from 26-week or 52-week terms and earn competitive CD interest rates with daily compounding.

No, you only need to open your account at New Omni Bank. IntraFi takes care of distributing your funds across multiple FDIC-insured banks to ensure your deposits have access to insurance coverage. You manage everything through one account, with one statement and one point of contact.

New Omni Bank does not charge additional fees for using CDARS. However, the interest rates may vary depending on the product and terms you choose.

Through CDARS, we place your funds in CDs with specific term lengths, so your funds will be available through New Omni Bank upon maturity unless you choose to renew and have your funds placed again.

You can open an account through New Omni Bank, and we can place your funds through CDARS. Contact us for more information.

When a bank, or Destination Institution (DI), holding your funds fails, the failure impacts only the amount of funds that have been placed at that DI, which will be an amount that does not exceed $250,000. Deposits placed through CDARS and ICS at other DIs will not be affected. 

Most often, the FDIC finds a healthy bank to assume the deposits of the failed DI. If the FDIC transfers the deposits of a closed DI to another insured depository institution, the acquiring institution may assume a CD under its original terms or offer you a choice between receiving early payment of the CD without penalty or maintaining the CD at a different rate. Please see the CDARS Deposit Placement Agreement for more information.

If the FDIC cannot find a bank to assume the deposits of the failed bank, the FDIC will process insurance claims and make insurance payments. The FDIC is required by law, when an insured bank fails, to pay claims on insured deposits “as soon as possible.”