For those of you who know us as Institutional Deposits Corporation (IDC), we have changed our name to Charity Deposits Corp. (CDC), to better represent our goals of helping banks serve their communities.
CDC was founded May 1, 2000 in Miami, Florida to create a system for investors to make a large deposit within a network of participating FDIC-insured banks through a single transaction. In-addition, CDC now offers FDIC insured funding and investing to community based banks that are supporting their local charities. This network of banks is now known as Charity Deposits Corp. Network®. Today, CDC works with hundreds of banks and manages more than $1.5 billion in assets. We have achieved this success by structuring our programs to provide benefits to investors, banks, and charities.
Through our Internet-accessible transaction structure, CDC solves the logistical and administrative challenges associated with depositing large sums of money in multiple banks. This structure maintains full FDIC insurance on all deposits while offering a high degree of liquidity for investors. All of our programs are supported by a legal opinion directly from the FDIC indicting that our structure provides the safety of FDIC insurance since there is a “pass through” of FDIC insurance to investors when they use Charity Deposit Corp. Network®.
Supporting local charities has been an important part of community based banks business. CDC developed a program to marry the benefits of expanded FDIC insurance and support for charities through a donation program CDC sponsors.