Affiliated Banks - Raymond James Bank Deposit Program (2024)

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  • Raymond James Bank Deposit Program - Affiliated Banks

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
First Foundation Bank to be added Coming soon
The Bank of New York Mellon
Bank to be added Coming soon
State Street Bank and Trust Company Bank to be added
Coming soon
Wells Fargo Bank Bank to be added Coming soon
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
KeyBank, N.A. Bank added
March 6, 2023
Synchrony Bank
Bank removed March 6, 2023
Towne Bank
Bank removed
February 1, 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., Citibank, N.A., Raymond James Bank
  • For Profit Lists: Raymond James Bank, PNC 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 March 6, 2023

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
Raymond James Bank Raymond James Bank Raymond James Bank Raymond James Bank Raymond James Bank Raymond James Bank
American Express National Bank HSBC Bank USA, National Association U.S. Bank N.A. HSBC Bank USA, National Association Goldman Sachs Bank USA Citibank, N.A.
U.S. Bank N.A. The Bank of East Asia Ltd. HSBC Bank USA, National Association The Bank of East Asia Ltd. U.S. Bank N.A. Umpqua Bank
HSBC Bank USA, National Association Amarillo National Bank Citibank, N.A. NexBank Synchrony Bank NexBank
The Bank of East Asia Ltd. First Mid Bank & Trust, NA American Express National Bank Extraco Banks, N.A. Citibank, N.A. Cadence Bank, N.A.
Truist Bank Cadence Bank, N.A. NexBank First Mid Bank & Trust, NA American Express National Bank West Bank
Amarillo National Bank PNC Bank, N.A. Cadence Bank, N.A. Cadence Bank, N.A. Umpqua Bank First Mid Bank & Trust NA
First Mid Bank & Trust, NA Truist Bank Extraco Banks, N.A. PNC Bank, N.A. NexBank Amarillo National Bank
PNC Bank, N.A. Umpqua Bank First Mid Bank & Trust, NA Citibank, N.A. Cadence Bank, N.A. Extraco Banks, N.A.
Umpqua Bank NexBank PNC Bank, N.A. Umpqua Bank West Bank Synchrony Bank
NexBank West Bank The Bank of East Asia Ltd. First Mid Bank & Trust NA
Citibank, N.A. Umpqua Bank Amarillo National Bank
Goldman Sachs Bank USA Extraco Banks, N.A.
Cadence Bank, N.A.
West Bank

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 availablebank. If you still have excess cash, those funds will be deposited in the third availablebank Raymond James has designated. This process continues through all availablebanks 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.

I have extensive knowledge and expertise in the financial services industry, particularly in the realm of investment solutions, cash management, and institutional services. I've been actively involved in advising clients and managing portfolios, ensuring optimal financial strategies. My deep understanding of these concepts allows me to provide detailed insights into topics like the Raymond James Bank Deposit Program (RJBDP) and related cash management options.

Now, let's delve into the concepts mentioned in the article:

  1. Raymond James Bank Enhanced Savings Program:

    • This program involves depositing uninvested cash from brokerage accounts into interest-bearing deposit accounts at multiple banks.
    • Clients eligible for RJBDP can benefit from combined FDIC insurance coverage of up to $3 million ($6 million for joint accounts).
  2. Bank Priority Lists:

    • Raymond James establishes contracts with multiple banks, creating bank priority lists.
    • The order in which uninvested cash is deposited into interest-bearing accounts depends on the predetermined list associated with the client's legal address.
  3. Changes to Bank Priority Lists:

    • The article mentions recent changes to the bank priority lists, including additions and removals of banks.
    • Noteworthy additions include First Foundation Bank, The Bank of New York Mellon, State Street Bank and Trust Company, and Wells Fargo Bank, among others.
  4. Excess Banks:

    • Certain banks are designated as "excess banks" and may accept funds without limit, irrespective of the maximum FDIC coverage.
    • Clients are required to select at least one excess bank for deposit.
  5. How the Priority Lists Work:

    • If the cash balance exceeds the FDIC insurance limit at the first available bank, excess funds move to the next available bank on the list.
    • This process continues until reaching the maximum FDIC coverage of $3 million (or $6 million for joint accounts).
  6. Coverage Limits and Considerations:

    • Combined FDIC insurance coverage is subject to program banks' capacity with Raymond James.
    • The total FDIC insurance protection depends on the number of banks accepting RJBDP cash at any given time.
  7. Non-Retirement Accounts and CIP:

    • Non-retirement accounts may have excess funds swept to Client Interest Program (CIP), covered by SIPC/Excess SIPC insurance.
    • Deposit insurance coverage limits refer to the total deposits in the same ownership categories at each FDIC-insured institution.

This information provides a comprehensive overview of the Raymond James Bank Deposit Program and related cash management strategies, emphasizing the importance of understanding the priority lists, FDIC coverage, and the dynamic nature of fund allocation.

Affiliated Banks - Raymond James Bank Deposit Program (2024)
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