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
South State Bank acquired Park Sterling Bank Bank Merger November 30, 2017
Grandpoint Bank Bank Removed November 30, 2017
Pinnacle Bank acquired Bank of North Carolina Bank Merger August 25, 2017
Bank of Hope Name Change September 2016
Wells Fargo Bank Added September 6, 2016
Origin Bank (formerly Community Trust Bank) Name Change October 13, 2015
Bank of India Bank Added January 11, 2016

* 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., Barclays Bank Delaware, Raymond James 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 30, 2017.

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.
Barclays Bank Delaware Compass Bank Regions Bank Compass Bank
Goldman Sachs Bank USA The Bank of East Asia Ltd. American Express Bank, FSB. The Bank of East Asia Ltd.
Regions Bank Origin Bank (Community Trust Bank) U.S. Bank N.A. Origin Bank (Community Trust Bank)
U.S. Bank N.A. Barclays Bank Delaware American Express Centurion Bank Towne Bank
Citibank, N.A. South State Bank The Bank of East Asia Ltd. South State Bank
American Express Bank, FSB. Pinnacle Bank SunTrust Bank Pinnacle Bank
American Express Centurion Bank New York Community Bank State Bank of India Union Bank and Trust Company
Manufacturers and Traders Trust Company Florida Community Bank, N.A. Barclays Bank Delaware New York Community Bank
Associated Bank, N.A. Extraco Banks, N.A. Associated Bank, N.A. Florida Community Bank, N.A.
Amarillo National Bank Amarillo National Bank Manufacturers and Traders Trust Company Amarillo National Bank
Origin Bank (Community Trust Bank) First Mid-Illinois B&T Amarillo National Bank First Mid-Illinois B&T
Pinnacle Bank Franklin Synergy Bank Pinnacle Bank Franklin Synergy Bank
Bank of Hope (Wilshire Bank) Cadence Bank, N.A. Franklin Synergy Bank Cadence Bank, N.A.
The Bryn Mawr Trust Company Bank of Hope (Wilshire Bank) Origin Bank (Community Trust Bank) Bank of Hope (Wilshire Bank)
The Bank of East Asia Ltd. New York Community Bank Barclays Bank Delaware
State Bank of India First Mid-Illinois B&T
Towne Bank
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 Centurion Bank Compass Bank American Express Centurion Bank Compass Bank
Regions Bank Towne Bank Citibank, N.A. Towne Bank
U.S. Bank N.A. Barclays Bank Delaware U.S. Bank N.A. Barclays Bank Delaware
SunTrust Bank South State Bank Manufacturers and Traders Trust Company South State Bank
Citibank, N.A. The Bank of East Asia Ltd. State Bank of India The Bank of East Asia Ltd.
Manufacturers and Traders Trust Company Pinnacle Bank American Express Bank, FSB. Union Bank and Trust Company
State Bank of India Union Bank and Trust Company Barclays Bank Delaware Origin Bank (Community Trust Bank)
American Express Bank, FSB. Origin Bank (Community Trust Bank) First Mid-Illinois B&T New York Community Bank
Barclays Bank Delaware New York Community Bank Origin Bank (Community Trust Bank) Florida Community Bank, N.A.
Origin Bank (Community Trust Bank) Florida Community Bank, N.A. Compass Bank Extraco Banks, N.A.
Compass Bank Extraco Banks, N.A. Bank of China Amarillo National Bank
Bank of China First Mid-Illinois B&T New York Community Bank First Mid-Illinois B&T
New York Community Bank Franklin Synergy Bank Associated Bank, N.A. Franklin Synergy Bank
Associated Bank, N.A. Cadence Bank, N.A. Union Bank and Trust Company Cadence Bank, N.A.
Pinnacle Bank Bank of Hope (Wilshire Bank) Franklin Synergy Bank Bank of Hope (Wilshire Bank)
Franklin Synergy Bank The Bryn Mawr Trust Company
Union Bank and Trust Company
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 Centurion Bank Compass Bank Raymond James Bank, N.A. Compass Bank
Regions Bank Towne Bank American Express Centurion Bank First Mid-Illinois B&T
U.S. Bank N.A. Barclays Bank Delaware Citibank, N.A. Towne Bank
SunTrust Bank South State Bank First Mid-Illinois B&T Barclays Bank Delaware
Citibank, N.A. The Bank of East Asia Ltd. Florida Community Bank, N.A. South State Bank
Manufacturers and Traders Trust Company Pinnacle Bank SunTrust Bank The Bank of East Asia Ltd.
State Bank of India Union Bank and Trust Company Bank of China Union Bank and Trust Company
American Express Bank, FSB. Origin Bank (Community Trust Bank) State Bank of India Origin Bank (Community Trust Bank)
Barclays Bank Delaware New York Community Bank Manufacturers and Traders Trust Company Florida Community Bank, N.A.
Origin Bank (Community Trust Bank) Extraco Banks, N.A. Amarillo National Bank Extraco Banks, N.A.
Compass Bank Amarillo National Bank Extraco Banks, N.A. Amarillo National Bank
Bank of China First Mid-Illinois B&T Barclays Bank Delaware Pinnacle Bank
New York Community Bank Franklin Synergy Bank Origin Bank (Community Trust Bank) New York Community Bank
Associated Bank, N.A. Cadence Bank, N.A. New York Community Bank Bank of Hope (Wilshire Bank)
Pinnacle Bank Bank of Hope (Wilshire Bank) Associated Bank, N.A.
Union Bank and Trust Company Pinnacle Bank
The Bryn Mawr Trust Company 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.