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)1. Combined FDIC insurance coverage is subject to program banks’ available capacity with Raymond James1.
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 coverage1.
Clients with eligible accounts have the option to elect the combination program, RJBDP with the Client Interest Program (CIP), whereby cash balances that are not deposited into RJBDP will be directed to CIP2.
CIP is a short-term alternative for cash awaiting investment. CIP balances are eligible for SIPC coverage up to $500,000 (including $250,000 for claims of cash) and excess SIPC coverage (aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC).
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 $250,0001. Sweep deposits through RJBDP – RJ Bank only will bear a reasonable rate of interest1.
- 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 |
|---|---|---|
| JPMorgan Chase Bank, N.A. | Bank removed | February 28, 2024 |
| First Foundation Bank | Bank added | February 27, 2024 |
| The Bank of New York Mellon |
Bank added | February 27, 2024 |
| State Street Bank and Trust Company | Bank added |
February 27, 2024 |
| Wells Fargo Bank | Bank added | February 15, 2024 |
| UMB Bank, NA | Bank added | December 13, 2023 |
| Atlantic Union Bank | Bank added | December 4, 2023 |
| Barclays Bank Delaware |
Bank added |
November 1, 2023 |
| Pinnacle Bank | Bank added |
November 1, 2023 |
| The Huntington National Bank |
Bank added | October 6, 2023 |
| Forbright Bank |
Bank removed | July 31, 2023 |
| Bank of Baroda |
Bank removed | June 30, 2023 |
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: U.S. Bank N.A., Raymond James Bank
- For Profit Lists: U.S. Bank N.A., Raymond James Bank
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 August 28, 2024.
| Extraco Bank | Extraco Bank: For-Profit Accounts | Amarillo National Bank | Amarillo National Bank: For-Profit Accounts | Fulton Bank | Fulton Bank: For-Profit Accounts |
|---|---|---|---|---|---|
| Extraco Banks, N.A. | Extraco Banks, N.A. | Amarillo National Bank | Amarillo National Bank | Fulton Bank, NA | Fulton Bank, NA |
| U.S. Bank N.A. | Raymond James Bank | Raymond James Bank | Raymond James Bank | Raymond James Bank | Raymond James Bank |
| HSBC Bank USA, National Association | HSBC Bank USA, National Association | U.S. Bank N.A. | HSBC Bank USA, National Association | U.S. Bank N.A. | Citibank, N.A. |
| The Bank of East Asia Ltd. | The Bank of East Asia Ltd. | Extraco Banks, N.A. | The Bank of East Asia Ltd. | Citibank, N.A. | Umpqua Bank |
| Raymond James Bank | Amarillo National Bank | Citibank, N.A. | NexBank | Umpqua Bank | NexBank |
| American Express National Bank | First Mid Bank & Trust, NA | NexBank | Extraco Banks, N.A. | NexBank | Cadence Bank |
| Truist Bank | Cadence Bank | Cadence Bank | First Mid Bank & Trust, NA | American Express National Bank | West Bank |
| Amarillo National Bank | Truist Bank | HSBC Bank USA, National Association | Cadence Bank | Cadence Bank | First Mid Bank & Trust, NA |
| First Mid Bank & Trust, NA | Umpqua Bank | American Express National Bank | Citibank, N.A. | Goldman Sachs Bank USA | Amarillo National Bank |
| Umpqua Bank | NexBank | First Mid Bank & Trust, NA | Umpqua Bank | West Bank | Extraco Banks, N.A. |
| NexBank | West Bank | The Bank of East Asia Ltd. | PNC Bank, N.A. | First Mid Bank & Trust, NA | |
| Citibank, N.A. | Citibank, N.A. | Umpqua Bank | Amarillo National Bank | ||
| Goldman Sachs Bank USA | PNC Bank, N.A. | PNC Bank, N.A. | Extraco Banks, N.A. | ||
| Cadence Bank | |||||
| West Bank | |||||
| PNC Bank, N.A. |
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.
Cash will be deposited in the first program bank with available capacity. Remaining cash will then be deposited in the next available bank. If you still have cash that cannot be deposited in the previous banks, 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 combined FDIC coverage up to $3 million, or $6 million for joint accounts1.
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 time1.
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 here.
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).
Important Information for Raymond James’ Clients (PDF)
Disclosures
Raymond James Deposit Program
1References made to FDIC insurance coverage under Raymond James Bank Deposit Program (RJBDP) address FDIC insurance coverage, up to applicable limits, at the insured depository institutions that participate in RJBDP. Funds held at Raymond James Bank (Member FDIC), TriState Capital Bank (Member FDIC), and third-party FDIC-insured banks participating in the Bank Deposit Program are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank, for each account ownership category. The current list of participating FDIC-insured depository institutions can be found here. Certain conditions must be satisfied for pass-through FDIC deposit insurance coverage to apply. The Raymond James Bank Deposit Program relies on the services of IntraFi Network, LLC for the placement of deposits at insured depository institutions. If you maintain funds separately with banks in the program, you should monitor your total deposits at the applicable bank(s) to determine your FDIC coverage. Additional information regarding FDIC insurance can be found at fdic.gov or by calling 877. ASK.FDIC (877.275.3342).
Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are not FDIC-insured banking entities. FDIC insurance only covers the failure of FDIC-insured depository institutions and does not cover Raymond James & Associates, Inc. or Raymond James Financial Services, Inc. Unless otherwise specified, products purchased from or held at affiliated Raymond James Financial, Inc., companies are not insured by the FDIC or any other government agency, are not deposits or other obligations of Raymond James Bank or TriState Capital Bank, are not guaranteed by Raymond James Bank or TriState Capital Bank, may lose value, and are subject to investment risks, including the possible loss of the principal invested.
All deposits and withdrawals at the banks within the Raymond James Bank Deposit Program will be made by Raymond James on your behalf. If you maintain funds separately with banks in the program, you should monitor your total deposits at the applicable bank(s) to ensure they do not exceed FDIC insurance limits of $250,000 ($500,000 for joint accounts). Your funds will earn the same interest rate at all of the banks, based on your total relationship cash balances with Raymond James. Interest rate tiers and current rates are available online at raymondjames.com/sweeprates and through your financial advisor.
© 2024 Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are not FDIC-insured banking entities. FDIC insurance only covers the failure of FDIC-insured depository institutions and does not cover Raymond James & Associates, Inc. or Raymond James Financial Services, Inc. Unless otherwise specified, products purchased from or held at affiliated Raymond James Financial, Inc., companies are not insured by the FDIC or any other government agency, are not deposits or other obligations of Raymond James Bank or TriState Capital Bank, are not guaranteed by Raymond James Bank or TriState Capital Bank, may lose value, and are subject to investment risks, including the possible loss of the principal invested.
2Client Interest Program® (CIP)
Raymond James & Associates is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at sipc.org or by calling (202) 371-8300.
Raymond James has purchased excess-SIPC coverage through various syndicates of Lloyd's, a London-based firm. Excess SIPC is fully protected by the Lloyd's trust funds and Lloyd's Central Fund. The additional protection currently provided has an aggregate firm limit of $750 million, including a sub-limit of $1.9 million per customer for cash above basic SIPC for the wrongful abstraction of customer funds. Account protection applies when a SIPC-member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against market fluctuations.
The Client Interest Program (CIP) is a cash feature. Because CIP is an option for some accounts to earn interest on funds awaiting investment we are including CIP in the Cash Sweep Program. Through CIP, a significant portion of cash is set aside for the client and held in certain high-quality U.S. Treasury securities or in qualifying trust and/or cash accounts with major U.S. banks. The remaining balance is used in the company’s business operations. We refer to both RJBDP (including RJBDP-RJ Bank Only) and CIP as “sweep options” in our agreements with you.