The Target Account
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Banks that are in a Fed Funds Sold position now have an additional investment choice with the Target Account!
Institutional Deposits Corp. (“IDC Deposits”) created this unique Money Market program in order for banks to achieve the FDIC insurance safeguard for larger investments. Wells Fargo Bank, N.A., is the custodian for the program.
When you invest a large deposit into our network, the funds are distributed to banks in our Deposit Network® , in increments of less than the FDIC insurance maximum to ensure that both principal and interest are eligible for full FDIC insurance.
IDC’s Network of well-capitalized FDIC insured banks allows us to offer this alternative to the Fed Funds Sold option. By investing excess funds with IDC Deposit’s Network, the bank is able to achieve the safety of an FDIC-insured money market deposit. Some of the benefits include:
Custodian: Wells Fargo Bank, N.A.
- Higher Rate
- FDIC Insured
- Liquid Money Market Account – Up to 6 Withdrawals Per Month
- 0% Risk Weight
The custodian of the program includes Wells Fargo Bank, N.A., the largest financial institution headquartered in the western U.S. As a custodian, they are responsible for the Investor’s funds and assets.
- Make all deposits on behalf of Investors
- Maintain safekeeping of records of deposit placements
- Collect interest and other income
- Automatically reinvest cash balances
- Remit principal and income as instructed
Complete the 2 page Master Custody forms with the Network Custodian, it’s that simple!
Need more information about our solutions?
Contact firstname.lastname@example.org, or call (770) 917-5851