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IDC Deposits

What is 'IDC Deposits'

IDC Deposits Corp. oversees the MMAX (Money Market Account Extra) program which provides depositors with an efficient way to make large deposits – up to a maximum of $5 million – and secure FDIC insurance.

Expanded FDIC coverage is attractive to depositors, particularly when financial markets are experiencing significant volatility and firms (commercial entities, public agencies and individuals) want a safe place to park cash. The deposit is divided up between a network of 50+ IDC Deposit Network banks nationwide to meet FDIC insurance requirements.

Explaining 'IDC Deposits'

Wells Fargo is the custodian for the MMAX account structure. By dividing a single large deposit into smaller amounts among Network banks, lenders can ensure that the depositor's principal and interest are eligible for full FDIC protection. MMAX account holders are able to make up to six withdrawals from their account monthly.


Further Reading


Assessing the factors that impact non-performing loan ratio: an application on deposit banks by using dynamic panel data
papers.ssrn.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Prepaid IDC deduction-its bumpy past and questionable futurePrepaid IDC deduction-its bumpy past and questionable future
www.osti.gov [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Bank competition and financial stability in Asia PacificBank competition and financial stability in Asia Pacific
www.sciencedirect.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Deposit insurance and financial intermediation: The case of Indonesia Deposit Insurance CorporationDeposit insurance and financial intermediation: The case of Indonesia Deposit Insurance Corporation
www.tandfonline.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Bank lending during the financial crisis of 2008Bank lending during the financial crisis of 2008
www.sciencedirect.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Determinants of deposit mobilization and its role in economic growth in GhanaDeterminants of deposit mobilization and its role in economic growth in Ghana
dspace.knust.edu.gh [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Bank spread with uncertain deposit level and risk aversionBank spread with uncertain deposit level and risk aversion
www.sciencedirect.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial servicesOn the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services
www.tandfonline.com [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Finance and economic growth nexus: Complementarity and substitutability between the banking sector and financial markets in Africa, using South Africa as a case1Finance and economic growth nexus: Complementarity and substitutability between the banking sector and financial markets in Africa, using South Africa as a case1
academicjournals.org [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …

Capital account liberalization, institutions and financial development: cross country evidenceCapital account liberalization, institutions and financial development: cross country evidence
www.nber.org [PDF]
… On the other hand, interest applied to loans, loans/ deposits ratio, inefficiency and operating … the Factors that Impact Non-Performing Loan Ratio: An Application On Deposit Banks By … This Journal is curated by: Jacob Boudoukh at Interdisciplinary Center (IDC) Herzliyah, Robert …



Q&A About IDC Deposits


Who is the custodian for the MMAX account structure?

Wells Fargo.

Why do people use money market accounts instead of other types of bank accounts?

People use money market accounts because they earn more interest than regular savings or checking accounts while still being FDIC-insured up to $250,000 per person.

How much can you deposit in the MMAX program?

Up to 5 million.

Who are the beneficiaries of this program?

Commercial and institutional clients.

Can you name at least three benefits offered by IDC Deposits' Money Market Account Xtra Program ?

Yes, there are three benefits offered by IDC Deposits' Money Market Account Xtra Program . First , it offers higher yields than traditional savings or checking accounts Second , it offers FDIC insurance Third , it provides access to your cash when you need it most

What is a deposit account?

A deposit account is an account that earns interest on deposited funds.

What are six withdrawals allowed per month from your account?

Six withdrawals per month are allowed from your account.

What are some examples of money market accounts?

Some examples include savings accounts, checking accounts, money market mutual funds and certificates of deposit (CDs).

What is the Money Market Account Xtra program?

The Money Market Account Xtra program allows larger depositors, such as commercial and institutional clients, to have their deposits insured.

Why should you choose IDC Deposits for your banking needs ?

You should choose IDC Deposits for your banking needs because we offer competitive rates on our products along with excellent customer service from our friendly staff members who will be happy to assist you with any questions or concerns that you may have about our services . We also provide convenient online banking services so that you can easily manage your finances from anywhere in the world .

How does this program work?

This program works by allowing larger depositors to have their deposits insured.

What are some benefits of using this program?

It allows for expanded FDIC coverage, it's safe, and it's convenient.

What does IDC Deposits Corp. oversee?

The MMAX program which provides depositors with an efficient way to make large deposits up to a maximum of 5 million and secure FDIC insurance.