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Raymond James Cash Sweep Programs

Raymond James Bank Deposit Program

As of September 8, 2009, Raymond James implemented an enhanced multibank sweep program that:

  • Provides greater Federal Deposit Insurance Corporation (FDIC) insurance coverage and
  • Offers more competitive interest rates.

With the new program, available cash in your brokerage account will be deposited through the Insured Network DepositSM (INDSM) service into interest-bearing deposit accounts at one or more banks, as described in the “Bank Priority Lists” section below.

Bank Priority Lists by Region

Current priority lists by region are provided below. (See “How the priority lists work” for information on how funds flow between banks.) Banks marked with an asterisk (*) are “excess banks,” as described in “How the priority lists work.” Although you may decline to have funds deposited in any bank in the list, only one excess bank may be declined.

Updated January 13, 2010

Florida Texas & Arkansas North East (CT, MA, ME, NH, NJ, NY, PA, RI, VT) Atlantic (DC, DE, GA, MD, NC, SC, VA, WV)
Raymond James Bank* Raymond James Bank* Goldman Sachs Bank Raymond James Bank*
Goldman Sachs Bank Goldman Sachs Bank Raymond James Bank* Goldman Sachs Bank
Citibank, N.A. Citibank, N.A. Fifth Third Bank Citibank, N.A.
SunTrust Bank American Express Centurion Bank* American Express Centurion Bank* American Express Centurion Bank*
Fifth Third Bank Fifth Third Bank Barclays Bank Delaware* New York Community Bank*
New York Community Bank* SunTrust Bank SunTrust Bank Fifth Third Bank
American Express Centurion Bank* The Camden National Bank American Express Bank, FSB The Camden National Bank
American Express Bank, FSB American Express Bank, FSB First Tennessee Bank, N.A. American Express Bank, FSB
First Tennessee Bank, N.A. First Tennessee Bank, N.A. Citibank, N.A. First Tennessee Bank, N.A.
Union Bank, N.A. Union Bank, N.A. United Western Bank SunTrust Bank
Barclays Bank Delaware* New York Community Bank* The Camden National Bank United Western Bank
Union Bank and Trust Barclays Bank Delaware* Union Bank and Trust Bank of North Carolina
Bank of North Carolina The Bancorp Bank Bryn Mawr Bank and Trust Barclays Bank Delaware*
United Western Bank Bryn Mawr Bank and Trust Monarch Bank Union Bank, N.A.
The Camden National Bank Bank of North Carolina First Clover Leaf Bank The Bancorp Bank
The Bancorp Bank United Western Bank New York Community Bank* Union Bank and Trust
Bryn Mawr Bank and Trust Union Bank and Trust Union Bank, N.A. Monarch Bank
Monarch Bank Monarch Bank Bank of North Carolina First Clover Leaf Bank
First Clover Leaf Bank First Clover Leaf Bank The Bancorp Bank Bryn Mawr Bank and Trust
Central (IL, IN, KS, NE, MO, OH) North (IA, MI, MN, ND, SD, WI) South & West (AL, CO, ID, KY, LA, MS, MT, NM, NV, OK, TN, UT, WY) Pacific (AK, AZ, HI, OR, CA, WA, International)
First Tennessee Bank, N.A. Citibank, N.A. Raymond James Bank* Citibank, N.A.
Goldman Sachs Bank SunTrust Bank Goldman Sachs Bank Raymond James Bank*
Raymond James Bank* Raymond James Bank* American Express Centurion Bank* Goldman Sachs Bank
Citibank, N.A. Goldman Sachs Bank Fifth Third Bank American Express Centurion Bank*
American Express Centurion Bank* American Express Centurion Bank* American Express Bank, FSB Fifth Third Bank
The Camden National Bank New York Community Bank* SunTrust Bank Barclays Bank Delaware*
Barclays Bank Delaware* American Express Bank, FSB United Western Bank American Express Bank, FSB
Union Bank, N.A. First Tennessee Bank, N.A. Barclays Bank Delaware* The Camden National Bank
American Express Bank, FSB Fifth Third Bank New York Community Bank* First Tennessee Bank, N.A.
New York Community Bank* Bank of North Carolina Citibank, N.A. Bank of North Carolina
Fifth Third Bank Monarch Bank Union Bank, N.A. SunTrust Bank
Bryn Mawr Bank and Trust Barclays Bank Delaware* First Tennessee Bank, N.A. First Clover Leaf Bank
SunTrust Bank Union Bank and Trust The Bancorp Bank United Western Bank
Union Bank and Trust Bryn Mawr Bank and Trust Bank of North Carolina Monarch Bank
Monarch Bank The Camden National Bank Monarch Bank Bryn Mawr Bank and Trust
United Western Bank First Clover Leaf Bank Union Bank and Trust Union Bank, N.A.
The Bancorp Bank Union Bank, N.A. Bryn Mawr Bank and Trust The Bancorp Bank
Bank of North Carolina United Western Bank First Clover Leaf Bank New York Community Bank*
First Clover Leaf Bank The Bancorp Bank The Camden National Bank Union Bank and Trust

How the Priority Lists Work

Raymond James establishes contracts with multiple banks, which are included in one or more bank priority lists. Your account’s legal address of record determines which list is used to determine the order in which your available cash in your brokerage account will be deposited into interest-bearing deposit accounts at one or more of the banks set forth on the predetermined list.

If your cash balance exceeds the FDIC insurance limit for all funds at the first bank on the list, the excess cash will be deposited in the next bank. If you still have excess cash, those funds will be deposited in the third bank Raymond James has designated. This process continues through all banks on the priority list, providing FDIC coverage up to $2.5 million, or $5 million for joint accounts. As always, you have immediate access to your funds should you wish to withdraw or reinvest them.

Your priority list may also include one or more excess banks that will accept funds from retirement accounts without limit and without regard to the maximum applicable deposit insurance amount if all banks on the priority list have received funds up to the applicable deposit limit. If all your funds are withdrawn from an excess bank, the next time your funds are available for deposit in an excess bank they may be deposited in a different excess bank. This may also apply to certain non-retirement accounts that do not elect to have excess funds swept to the Raymond James Client Interest Program, as described below.

For non-retirement accounts, if all banks on the priority list have received your funds up to the applicable deposit limit, your next available funds will be deposited in the Raymond James Client Interest Program (and covered by SIPC/Excess SIPC insurance), as long as you have not opted for an alternative.

Legislation temporarily increasing deposit insurance coverage limits from $100,000 per depositor to $250,000 took effect October 3, 2008 and is currently set to expire December 31, 2013. IRAs and certain other retirement accounts insured for up to $250,000 prior to this legislation will continue to be insured for that amount after December 31, 2013, barring any further legislative changes. The deposit insurance coverage limits refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured institution. Visit fdic.gov for more information.
Raymond James & Associates, Inc. member New York Stock Exchange / SIPC and Raymond James Financial Services, Inc. member FINRA / SIPC are subsidiaries of Raymond James Financial, Inc.