Raymond James Cash Sweep Programs
Raymond James Bank Deposit Program
Raymond James offers a multibank sweep program that:
- Provides Federal Deposit Insurance Corporation (FDIC) insurance coverage and
- Offers competitive interest rates.
With the 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.
You Should Know: Bank Deposit Program Capacity Limits
As a result of current market conditions, some banks participating in the Raymond James Bank Deposit Program are no longer accepting new cash deposits through the bank deposit program. Because of this, any new deposits into the program may only be eligible for FDIC insurance coverage up to $250,000, rather than the full program limit of $2.5 million per account.
For eligible accounts, we recommend you request excess cash balances be directed to our Client Interest Program so that you can take advantage of additional account protection offered through the Securities Investor Protection Corporation (SIPC) and excess SIPC. For more information, or if you have questions related to your cash deposits, please contact your financial advisor.
Effective 3/21/2011
The Raymond James Bank Deposit Program has been enhanced to provide additional insurance coverage on cash balances that exceed available FDIC coverage and are eligible for the Client Interest Program.
- By default, for all accounts except Raymond James custodial retirement accounts, excess cash from the Bank Deposit Program will be directed to Raymond James’ Client Interest Program (CIP), providing not only FDIC insurance coverage, but also coverage provided by the Securities Investor Protection Corporation (SIPC) and excess SIPC. Interest rates will remain the same between the Bank Deposit Program and CIP, and as always, funds are immediately available for withdrawal or reinvestment.
- For Raymond James custodial retirement accounts, which are ineligible for the Client Interest Program, excess funds will be directed to a designated “excess bank” without limit and without regard to maximum-available FDIC coverage. This option is also available to non-retirement accounts upon request.
Additional information about the enhanced program is available here.
- Important Disclosures about Raymond James’ Cash Sweep Programs (PDF)
- Bank Priority Lists
- Cash Sweep Program Rates
Bank Priority Lists
There have recently been some changes to the bank priority lists.
Effective September 29, 2011, Valley National Bank will be removed from the Bank Priority Lists.
Effective September 12, 2011, Compass Bank will be added to the Bank Priority Lists.
Effective September 8, 2011, Monarch Bank will be removed from the Bank Priority Lists.
Current priority lists by region are provided below.
Raymond James clients whose brokerage accounts are through an advisor at a bank within the Raymond James Financial Institutions Division have priority lists specific to those banks. Access those lists here.
(See “How the priority lists work” for information on how funds flow between banks.) Banks marked with an asterisk (*) are “excess banks,” as described in “How the priority lists work.” Although you may decline to have funds deposited in any bank in the list, only one excess bank may be declined.
Effective September 29, 2011
| Florida | Texas & Arkansas | North East (CT, MA, ME, NH, NJ, NY, PA, RI, VT) | Atlantic (DC, DE, GA, MD, NC, SC, VA, WV) |
|---|---|---|---|
| Goldman Sachs Bank | Goldman Sachs Bank | Citibank, N.A. | Citibank, N.A. |
| Citibank, N.A. | Raymond James Bank | Goldman Sachs Bank | SunTrust Bank |
| Raymond James Bank | Citibank, N.A. | Raymond James Bank | First Tennessee Bank, N.A. |
| SunTrust Bank | American Express Bank, FSB | First Tennessee Bank, N.A. | Barclays Bank Delaware |
| State Bank of India | Manufacturer and Traders Trust | SunTrust Bank | American Express Centurion Bank |
| Fifth Third Bank | Associated Bank | American Express Bank, FSB | Goldman Sachs Bank |
| Compass Bank | The Bank of East Asia, Ltd | State Bank of India | Raymond James Bank |
| Manufacturer and Traders Trust | SunTrust Bank | American Express Centurion Bank | Towne Bank |
| First Tennessee Bank, N.A. | Citizens Community Bank | Barclays Bank Delaware | Manufacturer and Traders Trust |
| The Bank of East Asia, Ltd | American Express Centurion Bank | Manufacturer and Traders Trust | American Express Bank, FSB |
| Associated Bank | Compass Bank | Associated Bank | Fifth Third Bank |
| Barclays Bank Delaware | State Bank of India | The Bank of East Asia, Ltd | New York Community Bank |
| Towne Bank | Barclays Bank Delaware | Fifth Third Bank | The Bank of East Asia, Ltd |
| American Express Bank, FSB | Union Bank and Trust | Compass Bank | State Bank of India |
| Bank of North Carolina | The Camden National Bank | Citizens Community Bank | Associated Bank |
| New York Community Bank | Fifth Third Bank | Bank of North Carolina | Compass Bank |
| Citizens Community Bank | First Tennessee Bank, N.A. | The Camden National Bank | The Camden National Bank |
| American Express Centurion Bank | Towne Bank | Union Bank and Trust | Union Bank and Trust |
| Union Bank and Trust | New York Community Bank | The Bryn Mawr Trust Company | Citizens Community Bank |
| The Camden National Bank | The Bryn Mawr Trust Company | First Clover Leaf Bank | Extraco Bank |
| The Bryn Mawr Trust Company | Bank of North Carolina | New York Community Bank | Bank of North Carolina |
| First Clover Leaf Bank | Extraco Bank | Extraco Bank | The Bryn Mawr Trust Company |
| Extraco Bank | First Clover Leaf Bank | Towne Bank | First Clover Leaf Bank |
| Central (IL, IN, KS, NE, MO, OH) | North (IA, MI, MN, ND, SD, WI) | South & West (AL, CO, ID, KY, LA, MS, MT, NM, NV, OK, TN, UT, WY) | Pacific (AK, AZ, HI, OR, CA, WA, International) |
| Barclays Bank Delaware | Goldman Sachs Bank | Raymond James Bank | American Express Bank, FSB |
| American Express Centurion Bank | Raymond James Bank | SunTrust Bank | American Express Centurion Bank |
| Raymond James Bank | Citibank, N.A. | American Express Centurion Bank | Raymond James Bank |
| First Tennessee Bank, N.A. | State Bank of India | Fifth Third Bank | First Tennessee Bank, N.A. |
| Goldman Sachs Bank | American Express Bank, FSB | The Bank of East Asia, Ltd | Goldman Sachs Bank |
| Union Bank and Trust | American Express Centurion Bank | Manufacturer and Traders Trust | Citibank, N.A. |
| Fifth Third Bank | Fifth Third Bank | State Bank of India | SunTrust Bank |
| Associated Bank | Barclays Bank Delaware | Goldman Sachs Bank | The Bank of East Asia, Ltd |
| Citibank, N.A. | Manufacturer and Traders Trust | American Express Bank, FSB | State Bank of India |
| Manufacturer and Traders Trust | Towne Bank | Barclays Bank Delaware | Fifth Third Bank |
| Citizens Community Bank | Union Bank and Trust | Compass Bank | Barclays Bank Delaware |
| Compass Bank | First Tennessee Bank, N.A. | Citibank, N.A. | Associated Bank |
| American Express Bank, FSB | New York Community Bank | New York Community Bank | Compass Bank |
| The Camden National Bank | Compass Bank | Associated Bank | The Camden National Bank |
| New York Community Bank | Bank of North Carolina | First Tennessee Bank, N.A. | Manufacturer and Traders Trust |
| The Bank of East Asia, Ltd | The Bryn Mawr Trust Company | Bank of North Carolina | Union Bank and Trust |
| The Bryn Mawr Trust Company | Associated Bank | Union Bank and Trust | Towne Bank |
| State Bank of India | The Bank of East Asia, Ltd | The Bryn Mawr Trust Company | Citizens Community Bank |
| SunTrust Bank | The Camden National Bank | Towne Bank | Bank of North Carolina |
| Towne Bank | First Clover Leaf Bank | First Clover Leaf Bank | First Clover Leaf Bank |
| Extraco Bank | Extraco Bank | Citizens Community Bank | The Bryn Mawr Trust Company |
| Bank of North Carolina | SunTrust Bank | Extraco Bank | New York Community Bank |
| First Clover Leaf Bank | Citizens Community Bank | The Camden National Bank | Extraco Bank |
The FDIC assigns unique certificate numbers to identify institutions and for the issuance of insurance certificates. Below are the certification numbers for all banks participating in the program. For additional information on insurance coverage and limits, please view the Important Disclosures about Raymond James’ Cash Sweep Programs.
| Bank | FDIC Cert # |
|---|---|
American Express Bank, FSB | 35328 |
American Express Centurion Bank | 27471 |
Associated Bank | 5296 |
Bank of East Asia, Ltd | 33646 |
Bank of North Carolina | 33527 |
Barclays Bank Delaware | 57203 |
Bryn Mawr Bank & Trust Co. | 11866 |
Camden National Bank | 4255 |
Citibank | 7213 |
Citizens Community Bank | 14703 |
Compass Bank | 19048 |
Extraco Bank | 5551 |
Fifth Third Bank | 6672 |
First Clover Leaf Bank | 30330 |
First Tennesse Bank, N.A. | 4977 |
Goldman Sachs Bank USA | 33124 |
Manufacturer and Traders Trust | 588 |
New York Community Bank | 16022 |
Raymond James Bank | 33893 |
State Bank of India, New York Branch | 33682 |
SunTrust Bank | 867 |
Towne Bank | 35095 |
Union Bank & Trust | 13421 |
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.