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
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 May 19, 2020.

Towne Bank Towne Bank: For-Profit Accounts 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 Franklin Synergy Bank Amarillo National Bank Franklin Synergy Bank
Umpqua Bank Cadence Bank, N.A. Franklin Synergy Bank 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
Franklin Synergy Bank 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 Franklin Synergy Bank Franklin Synergy Bank: For-Profit Accounts
Amarillo National Bank Amarillo National Bank Franklin Synergy Bank Franklin Synergy Bank
Raymond James Bank, N.A. Raymond James Bank, N.A. Raymond James Bank, N.A. Raymond James Bank, N.A.
U.S. Bank N.A. HSBC Bank USA, National Association HSBC Bank USA, National Association HSBC Bank USA, National Association
HSBC Bank USA, National Association BBVA USA American Express National Bank Umpqua Bank
Pinnacle Bank Towne Bank Citibank, N.A. BBVA USA
Citibank, N.A. Pinnacle Bank Umpqua Bank First Mid Bank & Trust, NA
American Express National Bank The Bank of East Asia Ltd. SunTrust Bank Towne Bank
Manufacturers and Traders Trust Company NexBank, SSB First Mid Bank & Trust, NA The Bank of East Asia Ltd.
BBVA USA Extraco Banks, N.A. Manufacturers and Traders Trust Company NexBank, SSB
Franklin Synergy Bank First Mid Bank & Trust, NA Amarillo National Bank Extraco Banks, N.A.
NexBank, SSB Franklin Synergy Bank Extraco Banks, N.A. Amarillo National Bank
Bank of Hope Cadence Bank, N.A. NexBank, SSB Bank of Hope
Cadence Bank, N.A. Bank of Hope Bank of Hope PNC Bank, N.A.
Extraco Banks, N.A. PNC Bank, N.A. BBVA USA Citibank, N.A.
First Mid Bank & Trust, NA Citibank, N.A. PNC Bank, N.A. SunTrust Bank
PNC Bank, N.A. Landmark Community Bank The Bank of East Asia Ltd. Landmark Community Bank
The Bank of East Asia Ltd. Umpqua Bank Towne Bank
Towne Bank Landmark Community Bank
Landmark Community Bank
Umpqua 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 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 $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 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 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 will be deposited in CIP (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.