IntraFi® Network Deposits

IntraFi Network Deposits are a smart, convenient cash management or longer-term investment tools to safeguard your large deposits over the standard FDIC insurance maximum of $250,000.

Safe, insured deposits

Earn interest on your deposits with FDIC insured accounts today. Our IntraFi Network Deposit options, ICS®, the IntraFi Cash ServiceSM, and CDARS®, offer a simplified and secure financial solution amidst the marketplace. Access multi-million-dollar FDIC insurance on checking, savings, money market, and CD deposit accounts and experience the convenience of one consolidated statement.

Why IntraFi Network Deposits?

  • Peace of mind knowing your funds are eligible for multi-million-dollar FDIC insurance protection.
  • Time savings by working directly with us, a bank you know and trust, instead of managing multiple bank relationships, manually consolidating bank statements, and tracking collateral. [1]
  • Earn interest with cash balances in checking, savings, or money market deposit accounts with one rate.
  • Maintain liquidity with flexibility and access to your funds placed checking, savings, or money market deposit accounts.
  • Support local by placing the full amount of your funds through IntraFi Network Deposits you support lending opportunities that build our communities stronger. [2]

How does IntraFi Network Deposits work?

Through just your relationship with us, you can access FDIC insurance from many. Westfield Bank is a member of the IntraFi network. When we place your deposit through IntraFi Network Deposits, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed into deposit accounts at multiple FDIC-insured banks. You’ll receive one statement from us and access key details about your accounts online, 24/7.

Intrafi Network

Safe, simple, and smart investing. Earn interest on large deposits in a convenient and protected way.

Let’s talk about how IntraFi Network Deposits can work for you.

Kimberly Bolas Miller
Kimberly Bolas Miller
VP, Senior Private Banking Officer
NMLS #639603
Arbi Raina
Arbi Raina
VP, Private Banker
NMLS #614383
Angelina Grujic
Angelina Grujic
VP, Private Banker
NMLS #814668

Frequently asked questions

How often can I access my funds?
You can make unlimited program withdrawals using the ICS demand option.

Who has custody of my funds?
Funds placed through ICS and CDARS are deposited only in FDIC-insured institutions. We act as custodian for your ICS and CDARS deposits, and BNY Mellon acts as subcustodian for the deposits.

Unique to CDARS, you as a depositor can obtain a confirmation of records maintained by BNY Mellon as subcustodian to reconcile those records with the statements received from us. At any time, as often as desired, you as a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of your CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS.

You can submit a request for the certified statement, along with BNY Mellon's processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party designated by you, such as an auditor.

Who provides the additional FDIC insurance when my funds are placed using IntraFi Network Deposits?
Through CDARS and ICS, funds are placed with other institutions participating in IntraFi's network, and those network members provide you with access to FDIC insurance coverage on deposits at those banks. Working directly with just our bank, you can access coverage through many.

How can my funds be used locally if my accounts are issued by financial institutions across the country?
When we exchange deposits with other institutions that use IntraFi Network Deposits on a dollar-for-dollar basis, the same amount of funds placed through the network returns to us. As a result, the total amount of your original deposit can remain with our bank and be used for local lending.[2]

Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.

[1] If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions.

[2] When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS/CDARS, our bank can use the full amount of a deposit placed through ICS/CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at The depositor may exclude banks from eligibility to receive its funds.  IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.