Raymond James Bank Deposit Program - Operational Change Effective on or Around October 30, 2023

November 13, 2023 update: The operational change discussed immediately below is now expected to take place on or around December 4, 2023. Raymond James will post a further notice if the expected date is revised again, as well as when this operational change has taken effect.

On or around October 30, 2023, which date is subject to operational factors (the “Change Date”), Raymond James & Associates, Inc. (“RJA”) will change the operation of the multi-bank Raymond James Bank Deposit Program (“RJBDP”) to begin aggregating deposits from all securities accounts that have the same primary taxpayer identification number (TIN) and are in the same ownership category as defined below (“Ownership Category”). RJA will aggregate the deposits in applying both the per-bank deposit limits ($245,000, or $490,000 for joint accounts of two or more) and total deposit limits ($3 million, or $6 million for joint accounts of two or more) after which any excess funds from those securities accounts will be held in the excess option you have elected for each account.

Specifically, on and after the Change Date:

(1) RJA will begin depositing in each bank, in the order set forth on your Bank Priority List, up to $245,000 ($490,000 for joint accounts of two or more) in total from all accounts enrolled in the multibank RJBDP that have the same primary TIN and are in the same Ownership Category (you can see your Bank Priority List in the "Bank Priority Lists by State" section below on this page); and

(2) Once $3 million ($6 million for joint accounts of two or more) in total has been deposited at the RJBDP banks from all accounts enrolled in the multibank RJBDP that have the same primary TIN and are in the same Ownership Category, then any excess funds from those securities accounts will be held in the excess option you have elected for each account.

Every account in RJBDP is categorized into one of five Ownership Categories:

  • Single – accounts owned by a single individual, accounts for a decedent’s estate, and accounts for a conservatorship, guardianship, or similar arrangement for an individual.
  • Joint – accounts owned jointly by two or more individuals.
  • Qualified – accounts for IRAs, retirement plans (both ERISA and non-ERISA), and Section 457 deferred compensation plans.
  • Trust – accounts for a trust, whether revocable or irrevocable, that do not fall within the Qualified Ownership Category.
  • Other – any account not falling in the above Ownership Categories; this includes accounts for legal entities, municipalities, and government entities, not-for-profits, and sole proprietorships.

The aggregation described above will be done within each Ownership Category. For example, if your TIN is the primary TIN on more than one securities account in each of the Single, Joint, and Trust Ownership Categories, then on and after the Change Date we will aggregate deposits separately for (i) those Single accounts, (ii) those Joint accounts, and (iii) those Trust accounts; we will not aggregate deposits for accounts from different Ownership Categories, even though they have the same primary TIN.

If you have more than one securities account with the same primary TIN and in the same Ownership Category, and the total amount of cash in the multibank RJBDP from all of those accounts exceeds $245,000 (or $490,000 for joint accounts of two or more), then on and after the Change Date this operational change will result in some of the cash already deposited in an RJBDP bank being deposited in a different RJBDP bank; and if the total amount of cash in multibank RJBDP from all of those accounts exceeds $3 million (or $6 million for joint accounts of two or more), then on and after the Change Date this operational change will result in some of the cash already deposited in an RJBDP bank to be held in the excess option you have elected for each account. The RJBDP bank(s) in which your cash is deposited, and the amounts deposited, are shown on each account statement, in Client Access, and can also be obtained at any time from your financial advisor.

If you have designated any banks as ineligible to receive your cash from any one or more of your securities accounts, then you should speak with your financial advisor and re-review whether you wish to keep or change those existing designations on and after the Change Date. You may keep or change those existing designations at any time, and you may continue to designate banks as ineligible on a per-securities-account basis.

RJA will post a further notice on this website confirming when this operational change has taken effect.

Through the Raymond James Bank Deposit Program (RJBDP), uninvested cash in your brokerage account is deposited into interest-bearing deposit accounts at multiple banks, as described in the "Bank Priority Lists" section below.

Clients with accounts that are eligible for RJBDP can receive combined FDIC insurance of up to $3 million ($6 million for joint accounts). Combined FDIC insurance coverage is subject to program banks’ available capacity with Raymond James. 

Once $3 million (or $6 million for joint accounts) has been deposited at the banks, or once the banks reach their RJBDP deposit threshold, excess funds are directed to one or more designated “excess” banks without limit and without regard to maximum-available FDIC coverage.

Clients with eligible accounts have the option to elect the combination program, RJBDP with the Client Interest Program (CIP), whereby cash balances that are not deposited into RJBDP will be directed to CIP.

CIP is a short-term alternative for cash awaiting investment. CIP balances are eligible for SIPC coverage up to $500,000 (including $250,000 for claims of cash) and excess SIPC coverage (aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC).

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 up to $250,000. Sweep deposits through RJBDP – RJ Bank Only will bear a reasonable rate of interest. 

A special sweep offer is currently available for eligible Ambassador account clients seeking FDIC coverage with at least one holding of at least $100,000 of certain money market funds. This is a limited time offer; restrictions apply.  Please contact your financial advisor about the Ambassador opportunity for further information, including whether your Ambassador account is eligible.

Bank priority lists

Recent and upcoming changes to the bank priority lists:

Bank Change Effective Date
The Bank of New York Mellon Bank to be added Coming soon
State Street Bank and Trust Company Bank to be added Coming soon
Wells Fargo Bank Bank to be added Coming soon 
UMB Bank, NA Bank to be added December 13, 2023
Atlantic Union Bank Bank added December 4, 2023
Barclays Bank Delaware Bank added November 1, 2023
Pinnacle Bank Bank added November 1, 2023
The Huntington National Bank Bank added October 6, 2023
Forbright Bank Bank removed July 31, 2023
Bank of Baroda Bank removed June 30, 2023
KeyBank, N.A. Bank added March 6, 2023
Synchrony Bank Bank removed March 6, 2023
Towne Bank Bank removed February 1, 2023

* 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:

  • Non-Qualified Lists: U.S. Bank N.A., Citibank, Raymond James Bank
  • Qualified Lists: U.S. Bank N.A., Citibank, Raymond James Bank
  • For Profit Lists: PNC Bank, Citibank, Raymond James Bank

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. Contact your advisor if you wish to opt out of any program bank.

Effective December 4, 2023

Bank Priority Lists by State

Type Other if your account’s legal address of record is outside the United States.

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 uninvested 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.

Cash will be deposited in the first program bank with available capacity. Remaining cash will then be deposited in the next available bank. If you still have cash that cannot be deposited in the previous banks, those funds will be deposited in the third available bank Raymond James has designated. This process continues through all available banks on the priority list, providing combined FDIC coverage up to $3 million, or $6 million for joint accounts. 

Combined FDIC insurance coverage through RJBDP is subject to program banks’ available capacity with Raymond James. Thus, the overall amount of potential FDIC insurance protection for which you may be eligible will vary depending upon the number of banks that are accepting RJBDP cash at any point in time.

Your priority list may also include one or more excess banks that will accept funds 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 or available capacity. 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 (CIP), as described here.

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 may be deposited in CIP (and covered by SIPC/Excess SIPC protection).

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 is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at sipc.org or by calling (202) 371-8300.

Raymond James has purchased excess-SIPC coverage through various syndicates of Lloyd's, a London-based firm. Excess SIPC is fully protected by the Lloyd's trust funds and Lloyd's Central Fund. The additional protection currently provided has an aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC for the wrongful abstraction of customer funds. Account protection applies when a SIPC-member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against market fluctuations.

Important Information for Raymond James’ Clients (PDF)

Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are affiliated with Raymond James Bank and TriState Capital Bank. Unless otherwise specified, products purchased from or held at Raymond James & Associates or Raymond James Financial Services are not insured by the FDIC, are not deposits or other obligations of Raymond James Bank or TriState Capital Bank, are not guaranteed by Raymond James Bank or TriState Capital Bank, and are subject to investment risks, including possible loss of the principal invested.

All deposits and withdrawals at the banks within the Raymond James Bank Deposit Program will be made by Raymond James on your behalf. If you maintain funds separately with banks in the program, you should monitor your total deposits at the applicable bank(s) to ensure they do not exceed FDIC insurance limits of $250,000 ($500,000 for joint accounts). Your funds will earn the same interest rate at all of the banks, based on your total relationship cash balances with Raymond James. Interest rate tiers and current rates are available online at raymondjames.com/sweeprates and through your financial advisor.

The Client Interest Program (CIP) is a cash feature. Because CIP is an option for some accounts to earn interest on funds awaiting investment we are including CIP in the Cash Sweep Program. Through CIP, a significant portion of cash is set aside for the client and held in certain high-quality U.S. Treasury securities or in qualifying trust and/or cash accounts with major U.S. banks. The remaining balance is used in the company’s business operations. We refer to both RJBDP (including RJBDP-RJ Bank Only) and CIP as “sweep options” in our agreements with you.

*For eligible retirement accounts only.

**For eligible non-retirement accounts only.

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