The key benefits to MMAX are:
- Offer your Customers Expanded FDIC Coverage
- No Fees – Use as Needed
- Free Up Collateral
- Retain & Expand Your Customer Base
- Fee Income for your Bank
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This money market program allows the bank to offer additional FDIC insurance coverage to their customers. These customers could be retail, commercial or public entities. When your customer places a large deposit in the bank, the bank then utilizes the IDC Network to guarantee full FDIC insurance coverage for that depositor.
Our MMAX clients receive a turnkey marketing program for this enhanced money market account. The bank is free to use our established MMAX marketing campaign or the bank can create a unique marketing program.
Institutional Deposits Corp. provides:
- Advertisement Templates
- Tri-fold Brochure Templates
- On-Hold Message Samples
- Statement Stuffer Samples
- Implementation Strategies
- Sales Training Tools
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IDC also provides confirmation and monthly statements for both the depositor and the bank. The customer statements are provided with the bank’s logo so that the relationship is between the bank and its depositor.
The Network includes well capitalized banks that are seeking funds. The identity of each retail depositor is never disclosed to the Network banks, this insures that your clients are protected. Should the retail customers have deposits with other banks, those bank names are removed as potential recipients of your client’s funds.
Custodian: Wells Fargo Bank, N.A.
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
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Getting Started with MMAX
Complete the Master Custody Agreement, it’s that simple!
Need more information about our solutions?
Contact sales@idcdeposits.com, or call 866-724-4432
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