Protect Large Cash Balances With Confidence
Benefits
Access FDIC insurance coverage on eligible deposits beyond standard insurance limits.
Work directly with Sound Community Bank. Enjoy the convenience of a single relationship, a single statement, and local service from people who know you.
Maintain access to your deposited funds while enjoying the security of FDIC insurance eligibility.
Put excess cash balances to work while maintaining safety and liquidity.
- Businesses with large operating cash balances
- Municipalities and public funds
- Nonprofit organizations
- Home sale proceeds
- Trust and estate accounts
- Individuals with substantial cash deposits
Large Balance Deposit Solutions Frequently Asked Questions
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Why Large Balance Deposit Solutions?
Would you like to access multi-million-dollar FDIC protection on your deposits and earn interest at the same time? Now you can—through Large Balance Deposit Solutions.
With Large Balance Deposit Solutions, you can:
Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
Save time. Work directly with just our bank—a bank you know and trust. If you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Earn interest. Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts).
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 in a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. When your funds are placed through Large Balance Deposit Solutions, they are divided into amounts under the standard FDIC maximum and placed with other institutions participating in the network—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your funds are at all times.)
How often can I access my funds?
You can withdraw Large Balance Deposit Solutions funds up to six times per month.
How can I tell how many withdrawals I’ve made/have left in a given month?
As an Large Balance Deposit Solutions customer, you have access to the Depositor Control Panel, which shows how many withdrawals you have made from Large Balance Deposit Solutions funds placed in money market deposit accounts during a given month.
Who has custody of my funds?
Funds placed through Large Balance Deposit Solutions are deposited only in FDIC-insured institutions. We act as custodian for your Large Balance Deposit Solutions deposits, and BNY Mellon acts as sub custodian for the deposits.
Who provides the additional FDIC insurance when my funds are placed using Large Balance Deposit Solutions?
Through Large Balance Deposit Solutions, funds are placed with other institutions participating in the network, and those members provide you with access to FDIC insurance coverage on deposits at those banks. Working directly with just our bank, you can access coverage through many.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
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Information Corner
Deposit placement through Large Balance Deposit Solutions 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 Large Balance Deposit Solutions satisfies any restrictions on its deposits.