Raymond James Bank Deposit Program

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.

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.

Interest rates will remain the same between the bank deposit program and CIP, and funds are immediately available for withdrawal or reinvestment.

Bank priority lists

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

Bank Change made Effective Date
HSBC Bank USA Bank added May 26, 2020
Pinnacle Bank Bank added April 3, 2020
Truist Bank (changed name from SunTrust Bank) Bank name change December 7, 2019
Banc of California Bank removed November 15, 2019
BBVA USA (changed name from Compass Bank) Bank name change June 20, 2019
Florida Community Bank Bank removed May 31, 2019
Origin Bank Bank removed May 31, 2019
Umpqua Bank Bank added May 13, 2019
Landmark Community Bank Bank added May 13, 2019

* 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.

Clients whose brokerage accounts are not serviced through an advisor at an affiliated bank should refer to the regional priority lists.

(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, N.A., Raymond James Bank, N.A.
  • For Profit Lists: Raymond James Bank, N.A., PNC Bank, N.A., Wells Fargo 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 November 23, 2020

Towne Bank Towne Bank: For-Profit Accouns Extraco Bank Extraco Bank: For-Profit Accounts
Towne Bank Towne Bank Extraco Banks, N.A. Extraco Banks, N.A.
Raymond James Bank, N.A. Raymond James Bank, N.A. Raymond James Bank, N.A. Raymond James Bank, N.A.
Goldman Sachs Bank USA Pinnacle Bank Pinnacle Bank BBVA USA
U.S. Bank N.A. HSBC Bank USA, National Association American Express National Bank Pinnacle Bank
Citibank, N.A. The Bank of East Asia Ltd. U.S. Bank N.A. HSBC Bank USA, National Association
Pinnacle Bank Umpqua Bank HSBC Bank USA, National Association The Bank of East Asia Ltd.
American Express National Bank Extraco Banks, N.A. The Bank of East Asia Ltd. Towne Bank
HSBC Bank USA, National Association Amarillo National Bank SunTrust Bank Amarillo National Bank
Manufacturers and Traders Trust Company First Mid Bank & Trust, NA Manufacturers and Traders Trust Company First Mid Bank & Trust, NA
Amarillo National Bank FirstBank Amarillo National Bank FirstBank
Umpqua Bank Cadence Bank, N.A. FirstBank Cadence Bank, N.A.
Bank of Hope Bank of Hope First Mid Bank & Trust, NA Bank of Hope
The Bryn Mawr Trust Company PNC Bank, N.A. Towne Bank PNC Bank, N.A.
The Bank of East Asia Ltd. Citibank, N.A. PNC Bank, N.A. SunTrust Bank
Cadence Bank, N.A. NexBank, SSB Umpqua Bank Umpqua Bank
Extraco Banks, N.A. Synchrony Bank NexBank, SSB NexBank, SSB
First Mid Bank & Trust, NA Texas Capital Bank NA Landmark Community Bank Landmark Community Bank
FirstBank The Bryn Mawr Trust Company Wells Fargo Bank N.A. Wells Fargo Bank N.A.
NexBank, SSB West Bank Citibank, N.A. West Bank
PNC Bank, N.A. Landmark Community Bank Goldman Sachs Bank USA The Bryn Mawr Trust Company
Synchrony Bank Cadence Bank, N.A.
Texas Capital Bank NA Bank of Hope
West Bank West Bank
Landmark Community Bank The Bryn Mawr Trust Company
BBVA USA
Amarillo National Bank Amarillo National Bank: For-Profit Accounts Pinnacle National Bank Pinnacle National Bank: For-Profit Accounts
Amarillo National Bank Amarillo National Bank Raymond James Bank, N.A. Raymond James Bank, N.A.
Raymond James Bank, N.A. Raymond James Bank, N.A. American Express National Bank BBVA USA
U.S. Bank N.A. HSBC Bank USA, National Association Citibank, N.A. Towne Bank
HSBC Bank USA, National Association BBVA USA U.S. Bank N.A. The Bank of East Asia Ltd.
Pinnacle Bank Towne Bank Manufacturers and Traders Trust Company Extraco Banks, N.A.
Citibank, N.A. Pinnacle Bank First Mid Bank & Trust, NA Amarillo National Bank
American Express National Bank The Bank of East Asia Ltd. BBVA USA First Mid Bank & Trust, NA
Manufacturers and Traders Trust Company NexBank, SSB FirstBank FirstBank
BBVA USA Extraco Banks, N.A. The Bryn Mawr Trust Company Cadence Bank, N.A.
FirstBank First Mid Bank & Trust, NA Bank of Hope
NexBank, SSB FirstBank PNC Bank, N.A.
Bank of Hope Cadence Bank, N.A.
Cadence Bank, N.A. Bank of Hope
Extraco Banks, N.A. PNC Bank, N.A.
First Mid Bank & Trust, NA Citibank, N.A.
PNC Bank, N.A. Landmark Community Bank
The Bank of East Asia Ltd. Umpqua Bank
Towne Bank
Landmark Community Bank
Umpqua Bank
Florida Community Bank, N.A. Florida Community Bank, N.A.: For-Profit Accounts FirstBank FirstBank: For-Profit Accounts
Raymond James Bank, N.A. Raymond James Bank, N.A. FirstBank FirstBank
American Express National Bank BBVA USA Raymond James Bank, N.A. Raymond James Bank, N.A.
U.S. Bank N.A. Towne Bank HSBC Bank USA, National Association HSBC Bank USA, National Association
SunTrust Bank The Bank of East Asia Ltd. American Express National Bank Umpqua Bank
Citibank, N.A. Extraco Banks, N.A. Citibank, N.A. BBVA USA
Manufacturers and Traders Trust Company Amarillo National Bank Umpqua Bank First Mid Bank & Trust, NA
BBVA USA First Mid Bank & Trust, NA SunTrust Bank Towne Bank
The Bryn Mawr Trust Company FirstBank First Mid Bank & Trust, NA The Bank of East Asia Ltd.
Cadence Bank, N.A. Manufacturers and Traders Trust Company NexBank, SSB
Bank of Hope Amarillo National Bank Extraco Banks, N.A.
PNC Bank, N.A. Extraco Banks, N.A. Amarillo National Bank
NexBank, SSB Bank of Hope
Bank of Hope PNC Bank, N.A.
BBVA USA Citibank, N.A.
PNC Bank, N.A. SunTrust Bank
The Bank of East Asia Ltd. Landmark Community Bank
Towne Bank
Landmark Community Bank
Fulton Bank Fulton Bank: For-Profit Accounts
Fulton Bank NA Fulton Bank NA
Raymond James Bank, N.A. Raymond James Bank, N.A.
Goldman Sachs Bank USA Pinnacle Bank
U.S. Bank N.A. BBVA USA
Pinnacle Bank Citibank, N.A.
Synchrony Bank Umpqua Bank
Citibank, N.A. NexBank, SSB
BBVA USA Cadence Bank, N.A.
American Express National Bank Bank of Hope
Umpqua Bank West Bank
NexBank, SSB First Mid Bank & Trust NA
Cadence Bank, N.A. Texas Capital Bank NA
Franklin Synergy Bank Amarillo National Bank
Bank of Hope Extraco Banks, N.A.
West Bank Franklin Synergy Bank
First Mid Bank & Trust NA Synchrony Bank
Amarillo National Bank
Extraco Banks, N.A.
Texas Capital Bank NA

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.

If your cash balance exceeds the FDIC insurance limit for all funds at the first available bank on the list, the excess cash will be deposited in the next available bank. If you still have excess cash, 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 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 CIP, 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 may be deposited in CIP (and covered by SIPC/Excess SIPC insurance).

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.