M&T IntraFi Cash Service®
Get access to a network of financial institutions that, together, can offer millions of dollars of FDIC insurance coverage. Plus, you'll get the convenience of working directly with M&T as your single point of contact.
Convenient cash management solution to expand FDIC insurance.
Access FDIC Coverage Through ICS®
Access additional FDIC coverage through ICS, offering aggregate protection per depositor per insurable capacity across a network of banks.
Control and Visibility
Set a desired target balance for daily investments and receive comprehensive reporting.
Preserve Liquidity
Even when your funds are placed at other banks through ICS, M&T will allow you to make disbursements from your M&T account up to the full amount of available funds at M&T plus funds placed through ICS.
Single Relationship Banking
Maintain simplicity by banking with M&T while gaining access to additional FDIC deposit insurance coverage at network banks. Receive periodic statements that summarize all your deposits in the network.
How the M&T IntraFi Cash Service Program Works
Process Overview
- A client deposits funds into an M&T Deposit Account.
- Funds above a specified target balance are automatically swept into the M&T IntraFi Cash Service.
- The IntraFi Cash Service distributes the excess funds across a network of participating banks.
- Each participating bank holds a portion of the funds, with each allocation limited to $250,000 or less in principal and interest.
- This distribution allows the client’s full balance, up to a maximum participation limit per Tax Identification Number, to remain eligible for FDIC insurance across multiple banks.
- Clients may choose to exclude specific network banks, particularly if they already maintain deposits with those institutions.
Please contact your Relationship Manager, Treasury Management Consultant or call M&T's Treasury Management Service Team at 1‑800‑724‑2240 (option 2, option 4), Monday-Friday, 8am‑6pm ET.
FAQs
Clients with a current Treasury Management Master Services Agreement and Resolution that have a Checking, Money Market or Savings account. Retail accounts are not currently eligible for the program.
Other limitations apply, including (1) The client cannot have another investment sweep on the identified account; (2) the client cannot be enrolled in an IOLTA, IORETA, or another account designed to hold client funds.
The below limits are per TIN.
| ICS Demand Maximum | ICS Savings Maximum | Total Maximum per TIN |
Target Balance Range |
|---|---|---|---|
| $200MM | $85MM | $285MM | $45,000-$245,000 |
Please contact your Relationship Manager or Treasury Management Consultant for details.
If your originating M&T account is interest-bearing, you will continue to accrue interest through that account until the funds are removed at end of day. The next business day your funds will be deposited into the M&T IntraFi Cash Service program account, and you will begin to accrue interest daily through the program. Interest will be posted monthly to the linked M&T account. The program account functions on a one-day lag for all deposits and withdrawals, and therefore, interest accrued in the network is on a corresponding one business day lag.
In rare cases, you may be paid interest early. This can happen if you leave the program or your cash moves to a different bank within the program.
The interest rate is tiered based on the account-level balance in the program. Speak to a Treasury Management Consultant for details.
You will continue to earn your existing earnings credit rate or interest rate.
For Government Entities, the funds remaining in your originating M&T account will continue to be collateralized to the same extent they are today.
For previous-day reporting, balances can be found in the Insured Cash Sweep section.
For current-day reporting, balances will show as a memo credit in the amount of your ICS sweep.
Yes, a monthly electronic statement by TIN for your M&T IntraFi Cash Service accounts will be available for download on the Depositor Control Panel.
In addition, we will continue to send you a copy of your M&T Commercial Statement in the same manner and frequency as it is currently sent.
Visit https://www.intrafi.com/network-banks for a complete listing of IntraFi network banks.
Only FDIC-insured institutions are eligible to hold M&T clients' funds.
IntraFi Network LLC is the vendor that we partner with for the M&T IntraFi Cash Service program. To learn more about them please visit their website:
Placement of funds is systemically controlled by the vendor, and you will not have the ability to set preferences. However, you can exclude banks with whom you already have depository relationships to avoid exceeding FDIC insurance limits at those institutions.
You can exclude those institutions using the ICS Deposit Placement Agreement when signing up for the program or through the Depositor Control Panel platform at any time.
The institutions can be viewed in the Depositor Control Panel platform.
The Depositor Control Panel is a secure website where you can view your M&T IntraFi Cash Service accounts.
You will receive access instructions from M&T when you are setting up your participation in the program.
Treasury Center will reflect all balance changes in the originating M&T account on the same day.
The Depositor Control Panel platform is updated at 5 pm ET each business day. When comparing DCP balances to Treasury Center or DDA Statements, any balance changes will be reflective of the prior business day’s activity on your M&T account.
Treasury Center reflects balances effective the day that we sweep the funds to/from the linked account. The IntraFi program does not allocate the funds into the network until the following business day. Therefore, any program deposits or withdrawals will be posted effective the business day they are received into the program, which is typically a one-business-day lag.
