CEO said. “We want to extend that legacy by financing the revitalization that is happening here.” The MDI’s mission to help the people in its community build wealth is yet another reason the investing bank decided to make its deposit. “This investment is very visible,” said the investing bank’s treasurer. “It is helping to grow [the Ohio-based MDI] and its community. That’s more satisfying than buying another municipal water and sewer bond.” Placing funds through the ACT Deposit Program was easy, the treasurer added, and his bank may increase its deposit in the future. “It was extremely simple and a fast process,” he said. “[The MDI] provided all the paperwork, and it was very, very easy. We will consider further deposits.” When asked if other bankers should use the ACT Deposit Program to help bolster their CRA credit, the treasurer did not hesitate. “I would recommend it,” he said. “It’s an opportunity to do something a little different, and the regulators are looking for folks to do something new — not the same old, tired thing.” IntraFi is not an FDIC-insured bank, and deposit insurance covers the failure of an insured bank. 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. Deposit placement in the ACT Deposit Program within ICS (the “Program”) is subject to the terms, conditions, and disclosures in the applicable agreements, including the ACT Addendum to the Deposit Placement Agreement. A portion of a deposit placed in the Program may be allocated to IntraFi network banks that are not community development financial institutions or minority depository institutions. The interest rate earned on Program deposits will likely be lower than the interest rate available on deposits outside of the Program. Deposit placement through an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (SMDIA) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA 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 an IntraFi service satisfies any restrictions on its deposits. IntraFi, ICS, IntraFi Cash Service, and the IntraFi logo are registered service marks, and Advancing Communities Together and ACT are service marks, of IntraFi LLC. YOUR DEBT PORTFOLIO MAY NOT BE KEPT IN HERE, BUT IT’S STILL AN ASSET They may not be currency, but debt portfolios which include credit card, auto deficiency, overdraft, judgements or commercial and consumer loans definitely have value. We’ll buy your debt portfolio from the last four years, with minimum sizes of $100k on at least ten accounts and no maximums. We’ll even walk you through the sales process to help with compliance and data integrity. To offload your debt portfolio, contact Craig Geisler at cgeisler@cherrywoodenterprises.com or (321) 247-5066. 15 Colorado Banker
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