R&T Deposit Solutions (R&T) and Total Bank Solutions (TBS) Announces they have Increased the FDIC Insurance Coverage Level Accessible Through DDM to $50MM
NEW YORK (February 15, 2023) – Today, R&T Deposit Solutions/Total Bank Solutions (“R&T/TBS”), a leading provider of innovative cash sweep, deposit funding, and securities-based lending programs, announced they have increased access to FDIC insurance coverage on deposits under the Demand Deposit Marketplace® Program (DDM®) to $50MM, up from $30MM when the companies merged in June of last year.
“We are thrilled to have reached this significant milestone, achieving another one of our stated goals.” explains Joseph Jerkovich, President of R&T/TBS. “The ability to leverage our combined network of banks to offer our clients and their customers access to significantly higher levels of FDIC insurance coverage is a direct benefit of R&T’s merger with TBS.”
The DDM® program is a comprehensive, automated, daily cash management solution that enables banks and other financial institutions to offer their customers access to expanded levels of FDIC insurance coverage on their funds placed at a network of participating institutions. Participating banks also benefit from the flexibility the DDM® program provides, allowing banks to receive deposits from other participating banks when funds are needed, to send excess deposit balances into the network to be placed at other participating banks, or to both send and receive deposits by entering into a ‘reciprocal’ transaction with other participating banks– all through the same service and providing potential yields and other benefits competitive with other sweep options.
“With an ever-changing interest rate, market and regulatory environment, it is important that we stand ready to serve our clients as they adapt their business.” Says Kevin Bannerton, Executive Vice President, and Head of Wealth Management at R&T/TBS. “The landscape for deposit funding has changed dramatically over the past year, impacting both the supply and demand side of the market. In this type of environment, banks value solutions that allow them to adjust dynamically as their needs change and cash investors seek the security of expanded FDIC insurance coverage and the opportunity to earn competitive rates on their excess cash”
About Us
R&T Deposit Solutions and Total Bank Solutions successfully completed their planned business combination in June 2022. The combined firm provides banks, credit unions, wealth managers and trust institutions with a larger selection of products and services, designed to meet their unique cash sweep, deposit funding and securities-based lending needs. R&T/TBS have total assets under administration of more than $220 billion, and 128 experienced professionals. The company provides services to more than 300 banks and credit unions, over 100 wealth managers and trust institutions, including approximately 20 unique broker-dealer sweep programs. The firm has a long track record of providing superior client service and developing solutions that enhance their respective clients’ experience and deliver value to their underlying customers.
Contact
Teresa Murphy, VP Marketing
R&T Deposit Solutions, LLC
tmurphy@rnt.com
