IDC’s funding system operates through a money market account that is set up with your institution by our custodian. That account is the conduit for funding that you request from the Network.
Our funding program is priced to the Fed Funds Target Rate as set by the Federal Open Market Committee (FOMC) and adjusts with changes in that Target rate.
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Regulatory Compliance:
This funding is considered a brokered deposit, thus all participating banks must be well capitalized.
Conditions for Funding Banks:
Banks that use any of our funding products have unlimited options to return the funding during the FlexTerm and STAY Agreement
Term, we request two weeks notice prior to withdrawal. The rate of interest will adjust to changes in the Fed Funds Target Rate set by the Federal Open Market Committee (FOMC).
At this time, our limit on funding is $5 million per institution. Our limit will increase as we build our network and we encourage all issuers to discuss needs exceeding $5 million which we will handle as our Network allows.
Getting Started with Funding:
Complete the Deposit Agreement Form with the Network Custodian, it’s that simple!
Need more information about our solutions?
Contact
sales@idcdeposits.com, or call 866-724-4432
