Hampton Branch Temporarily Closed
Our branch in Hampton is temporarily closed due to smoke damage. For service, please contact us or visit another nearby Merchants Bank location in Cannon Falls, Hastings or Northfield. Thank you.
Our branch in Hampton is temporarily closed due to smoke damage. For service, please contact us or visit another nearby Merchants Bank location in Cannon Falls, Hastings or Northfield. Thank you.
CDARS® & ICS®
Through IntraFi®, we offer CDARS (the Certificate of Deposit Account Registry Service®) and ICS (the IntraFi Cash Service®), which enable you to access multi-million dollar FDIC insurance through other banks in IntraFi's network.
Benefits of CDARS and ICS
CDARS, Certificate of Deposit Account Registry Service
With CDARS, you can access multi-million dollar FDIC insurance coverage on Certificate of Deposit (CD) investments by working directly with just us - a bank you know and trust.
How does CDARS work? The large deposit you place with us is split into increments less than the standard FDIC insurance maximum ($250,000) and placed into certificates of deposit issued by other banks in the IntraFi network.
This process allows for both principle and interest to be eligible for FDIC protection. You have peace of mind knowing you have access to multi-million dollar FDIC insurance coverage while working with just one bank.
ICS, IntraFi Cash Service
No two customers' needs are the same. That's why we offer flexibility with ICS (also known as Insured Cash Sweep). Your funds can be placed into demand deposit accounts, money market deposit accounts, or both. Let's take a closer look:
How does ICS work? When your funds are placed through ICS by Merchant Bank, that deposit is sent from your Merchants account to deposit accounts at other banks in the IntraFi network. You have the ability to check online where your funds are at all times.
The dollar amounts placed with other network banks are below the standard FDIC insurance maximum ($250,000). This enables your money to remain eligible for FDIC insurance protection while you continue to work with just one bank. It’s that easy.
[1] When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use CDARS or ICS, our bank can use the full amount of a deposit placed through CDARS or ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s 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 https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi, CDARS, Certificate of Deposit Account Registry Service, ICS, and IntraFi Cash Service are registered service marks of IntraFi LLC.