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), and for all custodial retirement accounts, excess funds will be directed to a designated "excess bank" without limit and without regard to maximum-available FDIC coverage.

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, and as always, 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
Bank of China Bank removed September 26, 2018
Barclays Bank Delaware Bank removed September 7, 2018
New York Community Bank Bank removed September 7, 2018
South State Bank Bank removed August 31, 2018
Community Bank Bank removed August 31, 2018
First Mid-Bank & Trust, N.A. (changed name from First Mid-Illinois Bank & Trust) Bank name change June 25, 2018
American Express National Bank (American Express Centurion Bank merged with American Express FSB) Bank Merger April 2, 2018
Banc of California, N.A. Bank Added March 1, 2018
Associated Bank Bank Removed March 1, 2018
South State Bank acquired Park Sterling Bank Bank Merger November 30, 2017
Grandpoint Bank Bank Removed November 30, 2017

* 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: Citibank, N.A., Raymond James Bank, N.A., PNC 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 September 26, 2018.

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 Compass Bank Regions Bank Compass Bank
Regions Bank The Bank of East Asia Ltd. American Express National Bank The Bank of East Asia Ltd.
U.S. Bank N.A. Origin Bank U.S. Bank N.A. Origin Bank
Citibank, N.A. Pinnacle Bank The Bank of East Asia Ltd. Towne Bank
American Express National Bank Florida Community Bank, N.A. SunTrust Bank Pinnacle Bank
Manufacturers and Traders Trust Company Extraco Banks, N.A. State Bank of India Union Bank and Trust Company
Amarillo National Bank Amarillo National Bank Manufacturers and Traders Trust Company Florida Community Bank, N.A.
Origin Bank First Mid Bank & Trust, NA Amarillo National Bank Amarillo National Bank
Pinnacle Bank Franklin Synergy Bank Pinnacle Bank First Mid Bank & Trust, NA
Bank of Hope Cadence Bank, N.A. Franklin Synergy Bank Franklin Synergy Bank
The Bryn Mawr Trust Company Bank of Hope Origin Bank Cadence Bank, N.A.
The Bank of East Asia Ltd. PNC Bank, N.A. First Mid Bank & Trust, NA Bank of Hope
State Bank of India Towne Bank PNC Bank, N.A.
PNC Bank, N.A.
Amarillo National Bank Amarillo National Bank: For-Profit Accounts Pinnacle Bank Pinnacle Bank: For-Profit Accounts
Amarillo National Bank Amarillo National Bank Pinnacle Bank Pinnacle 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 Compass Bank American Express National Bank Compass Bank
Regions Bank Towne Bank Citibank, N.A. Towne Bank
U.S. Bank N.A. The Bank of East Asia Ltd. U.S. Bank N.A. The Bank of East Asia Ltd.
SunTrust Bank Pinnacle Bank Manufacturers and Traders Trust Company Union Bank and Trust Company
Citibank, N.A. Union Bank and Trust Company State Bank of India Origin Bank
Manufacturers and Traders Trust Company Origin Bank First Mid Bank & Trust, NA Florida Community Bank, N.A.
State Bank of India Florida Community Bank, N.A. Origin Bank Extraco Banks, N.A.
Origin Bank Extraco Banks, N.A. Compass Bank Amarillo National Bank
Compass Bank First Mid Bank & Trust, NA Union Bank and Trust Company First Mid Bank & Trust, NA
Pinnacle Bank Franklin Synergy Bank Franklin Synergy Bank Franklin Synergy Bank
Franklin Synergy Bank Cadence Bank, N.A. The Bryn Mawr Trust Company Cadence Bank, N.A.
Union Bank and Trust Company Bank of Hope Bank of Hope
PNC Bank, N.A. PNC Bank, N.A.
Florida Community Bank, N.A. Florida Community Bank, N.A.: For-Profit Accounts Franklin Synergy Bank Franklin Synergy Bank: For-Profit Accounts
Florida Community Bank, N.A. Florida Community Bank, N.A. Franklin Synergy Bank Franklin Synergy Bank
Raymond James Bank, N.A. Raymond James Bank, N.A. Regions Bank Raymond James Bank, N.A.
American Express National Bank Compass Bank Raymond James Bank, N.A. Compass Bank
Regions Bank Towne Bank American Express National Bank First Mid Bank & Trust, NA
U.S. Bank N.A. The Bank of East Asia Ltd. Citibank, N.A. Towne Bank
SunTrust Bank Pinnacle Bank First Mid Bank & Trust, NA The Bank of East Asia Ltd.
Citibank, N.A. Union Bank and Trust Company Florida Community Bank, N.A. Union Bank and Trust Company
Manufacturers and Traders Trust Company Origin Bank SunTrust Bank Origin Bank
State Bank of India Extraco Banks, N.A. State Bank of India Florida Community Bank, N.A.
Origin Bank Amarillo National Bank Manufacturers and Traders Trust Company Extraco Banks, N.A.
Compass Bank First Mid Bank & Trust, NA Amarillo National Bank Amarillo National Bank
Pinnacle Bank Franklin Synergy Bank Extraco Banks, N.A. Pinnacle Bank
Union Bank and Trust Company Cadence Bank, N.A. Origin Bank Bank of Hope
The Bryn Mawr Trust Company Bank of Hope Pinnacle Bank PNC Bank, N.A.
PNC Bank, N.A. Union Bank and Trust Company

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.

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.