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.
- Important Disclosures about Raymond James’ Cash Sweep Programs (PDF)
- Current banks participating in the Raymond James Bank Deposit Program
- Cash Sweep Program Rates
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|
|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|
|Landmark Community 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|
|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.