IND for Banks
IND®, the Insured Network Deposits® service, is the industry’s leading FDIC-insured deposit sweep service. With the IND service, your bank can access long-term, floating-rate funding in large-dollar increments. Operationally easy to integrate into existing bank systems, IND is used as an important source of funding for mid-sized and large banking institutions across the country.
Why Do Banks Choose IND?
Banks can use IND to
- Access funding from $25 million to multiple billions of dollars; terms range from 1 to 5+ years and it may be possible to extend or renegotiate IND pricing before a bank’s IND agreement expires
- Obtain funding that does not require collateralization; banks can use the entire amount of purchased funds for revenue generating opportunities
- Diversify funding sources; because IND deposits originate from millions of individual investors, the aggregate balances are relatively stable
Read an IND case study to learn how one bank quickly raised inexpensive term funding through IND. See a comparison of the many bank funding purchase options, including fixed- and floating-rate funding choices, available from Promontory Interfinancial Network. Or contact us today to get started with IND.