Raymond James Bank Deposit Program

Raymond James offers a multibank sweep program that:

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

With this program, available cash in your brokerage account is deposited into interest-bearing deposit accounts at one or more banks, as described in the "Bank Priority Lists" section below.

For accounts that elect the Raymond James Bank Deposit Program (RJBDP) excess funds will be directed to a designated "excess bank" without limit and without regard to maximum-available FDIC coverage.

Managed IRAs and ERISA accounts are not eligible for the multibank sweep program. Managed IRA and ERISA accounts can elect RJBDP – RJ Bank only, whereby uninvested cash will sweep to Raymond James Bank for FDIC insurance coverage of up to $250,000.

To maximize insurance coverage, eligible clients can choose the Raymond James Bank Deposit Program with Client Interest Program (RJBDP with CIP) to provide additional insurance coverage on cash balances that exceed available FDIC coverage. Excess cash from the bank deposit program will be directed to CIP, providing Securities Investor Protection Corporation (SIPC) and excess SIPC coverage.

Interest rates will remain the same between the bank deposit program and CIP.

Bank priority lists

There have recently been some changes to the bank priority lists.

Bank Change made Effective Date
South State Bank acquired Park Sterling Bank Bank merger November 30, 2017
West Bank of West Des Moines, Iowa Bank added October 2, 2017
Pinnacle Bank acquired Bank of North Carolina Bank merger August 25, 2017
Community Bank Bank added July 24, 2017
First Mid-Illinois Bank (First Clover Leaf Bank merged with First Mid-Illinois Bank) Bank merger September 8, 2016
Bank of Hope Name change September 2016
Wells Fargo Bank added September 6, 2016
Origin Bank (formerly Community Trust Bank) Name change October 13, 2015
Bank of India Bank added January 11, 2016

* As with all banks in RJBDP, any participating foreign-owned banks are fully FDIC-insured with U.S. branches and charters; they are governed and operate under the same laws and regulations as all U.S. banks. For privacy and security reasons, all deposits through RJBDP are made with U.S. branches through an omnibus account so your personal information is not shared with the participating banks.

Current priority lists by region are provided below.

Raymond James clients whose brokerage accounts are through an advisor at a bank within the Raymond James Financial Institutions Division have priority lists specific to those banks. Access those lists here.

(See “How the priority lists work” for information on how funds flow between banks.) The following banks are “excess banks,” as described in the “Bank Priority List” section of the disclosures:

  • General Lists: Wells Fargo Bank, N.A., U.S. Bank N.A., Citibank, Raymond James Bank, N.A.
  • For Profit Lists: Citibank, N.A., Barclays Bank Delaware, Raymond James Bank, N.A.

Although you may decline to have funds deposited in any bank in the list, you must have a minimum of one excess bank selected for deposit.

Effective February 7, 2018

FL AR & TX GA AL
Raymond James Bank, N.A. Raymond James Bank, N.A. Regions Bank American Express Centurion Bank
Synchrony Bank U.S. Bank N.A. American Express Centurion Bank SunTrust Bank
Wells Fargo Bank, N.A. Regions Bank Goldman Sachs Bank USA Goldman Sachs Bank USA
U.S. Bank N.A. American Express Bank, FSB. PNC Bank, N.A. Synchrony Bank
American Express Bank, FSB. Synchrony Bank Wells Fargo Bank, N.A. Bank of China
PNC Bank, N.A. PNC Bank, N.A. Citibank, N.A. State Bank of India
SunTrust Bank Barclays Bank Delaware Community Bank U.S. Bank N.A.
Citibank, N.A. SunTrust Bank SunTrust Bank West Bank
Barclays Bank Delaware Citibank, N.A. Raymond James Bank, N.A. Bank of Hope
West Bank Bank of India Bank of China South State Bank
Bank of India West Bank Amarillo National Bank Raymond James Bank, N.A.
Origin Bank Wells Fargo Bank, N.A. State Bank of India Wells Fargo Bank, N.A.
Compass Bank Bank of China U.S. Bank N.A. Barclays Bank Delaware
Goldman Sachs Bank USA Bank of Hope Barclays Bank Delaware Regions Bank
Bank of China Compass Bank Compass Bank PNC Bank, N.A.
Regions Bank Pinnacle Bank Franklin Synergy Bank Towne Bank
The Bank of East Asia Ltd. Franklin Synergy Bank The Bank of East Asia Ltd. Compass Bank
Cadence Bank, N.A. Origin Bank Pacific Western Bank Citibank, N.A.
Towne Bank Cadence Bank, N.A. South State Bank Cadence Bank, N.A.
Bank of Hope The Bank of East Asia Ltd. Origin Bank Pinnacle Bank
Pinnacle Bank Florida Community Bank, N.A. First Mid-Illinois B&T The Bank of East Asia Ltd.
New York Community Bank New York Community Bank Cadence Bank, N.A. Pacific Western Bank
First Mid-Illinois B&T First Mid-Illinois B&T New York Community Bank Origin Bank
Pacific Western Bank Associated Bank, N.A. Synchrony Bank Franklin Synergy Bank
Associated Bank, N.A. Pacific Western Bank Associated Bank, N.A. Florida Community Bank, N.A.
LA & MS KY & TN DE, MD, NC, SC, VA, & WV OH & PA
American Express Centurion Bank Wells Fargo Bank, N.A. Raymond James Bank, N.A. Citibank, N.A.
U.S. Bank N.A. Synchrony Bank American Express Centurion Bank Goldman Sachs Bank USA
SunTrust Bank PNC Bank, N.A. Synchrony Bank U.S. Bank N.A.
Wells Fargo Bank, N.A. Goldman Sachs Bank USA PNC Bank, N.A. Wells Fargo Bank, N.A.
Synchrony Bank American Express Bank, FSB. Goldman Sachs Bank USA PNC Bank, N.A.
Barclays Bank Delaware SunTrust Bank Wells Fargo Bank, N.A. Synchrony Bank
Regions Bank U.S. Bank N.A. SunTrust Bank State Bank of India
PNC Bank, N.A. Citibank, N.A. Regions Bank SunTrust Bank
Citibank, N.A. Regions Bank Bank of China South State Bank
Union Bank and Trust Company West Bank Citibank, N.A. American Express Bank, FSB.
Compass Bank Origin Bank Barclays Bank Delaware Regions Bank
Raymond James Bank, N.A. Franklin Synergy Bank Franklin Synergy Bank Raymond James Bank, N.A.
Bank of Hope Raymond James Bank, N.A. Pinnacle Bank Cadence Bank, N.A.
Origin Bank Bank of China U.S. Bank N.A. Barclays Bank Delaware
Community Bank Barclays Bank Delaware The Bank of East Asia Ltd. Origin Bank
First Mid-Illinois B&T Cadence Bank, N.A. State Bank of India The Bank of East Asia Ltd.
Franklin Synergy Bank The Bank of East Asia Ltd. Community Bank Bank of Hope
Pacific Western Bank Pinnacle Bank Compass Bank Compass Bank
Towne Bank Compass Bank American Express Bank, FSB. Franklin Synergy Bank
Cadence Bank, N.A. Florida Community Bank, N.A. First Mid-Illinois B&T Pacific Western Bank
New York Community Bank New York Community Bank Origin Bank Pinnacle Bank
Bank of China The Bryn Mawr Trust Company New York Community Bank Bank of China
The Bank of East Asia Ltd. Pacific Western Bank Pacific Western Bank First Mid-Illinois B&T
American Express Bank, FSB. Associated Bank, N.A. Union Bank and Trust Company New York Community Bank
Associated Bank, N.A. American Express Centurion Bank Associated Bank, N.A. Associated Bank, N.A.
NJ & NY CT & MA ME, NH, RI, & VT IL, IN, MI, & WI
U.S. Bank N.A. Citibank, N.A. Raymond James Bank, N.A. Raymond James Bank, N.A.
American Express Centurion Bank Raymond James Bank, N.A. Regions Bank American Express Centurion Bank
Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. Wells Fargo Bank, N.A.
PNC Bank, N.A. Bank of China PNC Bank, N.A. PNC Bank, N.A.
Citibank, N.A. SunTrust Bank The Bryn Mawr Trust Company State Bank of India
Raymond James Bank, N.A. Barclays Bank Delaware South State Bank Synchrony Bank
Barclays Bank Delaware West Bank The Bank of East Asia Ltd. SunTrust Bank
Franklin Synergy Bank U.S. Bank N.A. Amarillo National Bank Community Bank
Bank of Hope PNC Bank, N.A. State Bank of India Bank of India
Bank of India Community Bank Bank of China Citibank, N.A.
The Bryn Mawr Trust Company Synchrony Bank SunTrust Bank Amarillo National Bank
Towne Bank First Mid-Illinois B&T Goldman Sachs Bank USA U.S. Bank N.A.
Bank of China Compass Bank Synchrony Bank Bank of China
West Bank Bank of Hope Citibank, N.A. Franklin Synergy Bank
Origin Bank American Express Bank, FSB. U.S. Bank N.A. Barclays Bank Delaware
Synchrony Bank The Bank of East Asia Ltd. Origin Bank Origin Bank
Goldman Sachs Bank USA Origin Bank Barclays Bank Delaware Compass Bank
The Bank of East Asia Ltd. Franklin Synergy Bank Compass Bank The Bank of East Asia Ltd.
SunTrust Bank Regions Bank Towne Bank Pacific Western Bank
Compass Bank Pacific Western Bank Franklin Synergy Bank West Bank
Pinnacle Bank Towne Bank Pacific Western Bank New York Community Bank
Regions Bank New York Community Bank Pinnacle Bank Goldman Sachs Bank USA
New York Community Bank Cadence Bank, N.A. New York Community Bank Bank of Hope
Pacific Western Bank Florida Community Bank, N.A. American Express Centurion Bank Regions Bank
American Express Bank, FSB. Bank of India Bank of India Cadence Bank, N.A.
IA, KS, MN, MO, ND, NE, & SD CO & UT ID, MT, NM, OK, & WY AZ, NV, OR, & WA
Citibank, N.A. American Express Bank, FSB. Wells Fargo Bank, N.A. Raymond James Bank, N.A.
SunTrust Bank Synchrony Bank PNC Bank, N.A. Citibank, N.A.
Community Bank Wells Fargo Bank, N.A. Citibank, N.A. State Bank of India
Synchrony Bank Barclays Bank Delaware Bank of China Goldman Sachs Bank USA
Wells Fargo Bank, N.A. Goldman Sachs Bank USA West Bank Synchrony Bank
Bank of China Manufacturers and Traders Trust Company State Bank of India Wells Fargo Bank, N.A.
Barclays Bank Delaware West Bank Synchrony Bank PNC Bank, N.A.
Pinnacle Bank Franklin Synergy Bank New York Community Bank Bank of China
American Express Bank, FSB. Bank of India Bank of India Amarillo National Bank
PNC Bank, N.A. PNC Bank, N.A. SunTrust Bank Extraco Banks, N.A.
Regions Bank Raymond James Bank, N.A. Raymond James Bank, N.A. American Express Centurion Bank
Raymond James Bank, N.A. SunTrust Bank U.S. Bank N.A. New York Community Bank
Bank of Hope U.S. Bank N.A. Bank of Hope Barclays Bank Delaware
Goldman Sachs Bank USA Citibank, N.A. Regions Bank U.S. Bank N.A.
U.S. Bank N.A. Bank of China American Express Centurion Bank SunTrust Bank
Origin Bank The Bank of East Asia Ltd. Origin Bank Compass Bank
Towne Bank Amarillo National Bank Goldman Sachs Bank USA South State Bank
New York Community Bank Pacific Western Bank Barclays Bank Delaware Community Bank
The Bank of East Asia Ltd. Compass Bank The Bank of East Asia Ltd. Bank of Hope
First Mid-Illinois B&T Pinnacle Bank Pinnacle Bank Regions Bank
Franklin Synergy Bank Origin Bank Compass Bank Pacific Western Bank
Pacific Western Bank Bank of Hope Union Bank and Trust Company Manufacturers and Traders Trust Company
Bank of India First Mid-Illinois B&T Pacific Western Bank The Bank of East Asia Ltd.
Compass Bank Regions Bank First Mid-Illinois B&T Pinnacle Bank
Associated Bank, N.A. Cadence Bank, N.A. Extraco Banks, N.A. Florida Community Bank, N.A.
CA AK, DC, HI, & Other Business Accounts (Except AK, HI, Other) Business Accounts (AK, HI, Other)
Goldman Sachs Bank USA Goldman Sachs Bank USA Raymond James Bank, N.A. Raymond James Bank, N.A.
Citibank, N.A. Wells Fargo Bank, N.A. Bank of China Compass Bank
SunTrust Bank PNC Bank, N.A. Barclays Bank Delaware Franklin Synergy Bank
Wells Fargo Bank, N.A. Synchrony Bank Origin Bank Community Bank
Barclays Bank Delaware SunTrust Bank Cadence Bank, N.A. Barclays Bank Delaware
American Express Bank, FSB. U.S. Bank N.A. Bank of Hope Origin Bank
PNC Bank, N.A. State Bank of India Compass Bank Florida Community Bank, N.A.
West Bank Extraco Banks, N.A. The Bank of East Asia Ltd. Pinnacle Bank
Bank of India Union Bank and Trust Company Union Bank and Trust Company South State Bank
Bank of Hope Barclays Bank Delaware Franklin Synergy Bank Amarillo National Bank
Community Bank Citibank, N.A. Pinnacle Bank First Mid-Illinois B&T
Raymond James Bank, N.A. Raymond James Bank, N.A. Florida Community Bank, N.A. West Bank
Origin Bank New York Community Bank Towne Bank New York Community Bank
Bank of China Bank of Hope South State Bank Bank of Hope
Synchrony Bank American Express Centurion Bank New York Community Bank Cadence Bank, N.A.
U.S. Bank N.A. Origin Bank Amarillo National Bank Union Bank and Trust Company
Cadence Bank, N.A. Compass Bank Extraco Banks, N.A. Towne Bank
Franklin Synergy Bank Cadence Bank, N.A. First Mid-Illinois B&T Extraco Banks, N.A.
The Bank of East Asia Ltd. First Mid-Illinois B&T Citibank, N.A. Citibank, N.A.
Union Bank and Trust Company Franklin Synergy Bank
State Bank of India Pacific Western Bank
Compass Bank Towne Bank
New York Community Bank West Bank
Regions Bank Pinnacle Bank
Pacific Western Bank Florida Community Bank, N.A.

 


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.

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.

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.

Important Information for Raymond James’ Clients (PDF)