IDC Deposits

The U.S. government guarantees all bank deposits up to $250,000. If you put, say, $150,000 in your checking account (we know your account is currently sitting at $12.47, but stay with us for a minute), and your bank shuts down, you're not out of luck. You can put in a claim to the FDIC and the government will give you the $150,000 back.

The protection was put in place after the rash of bank failures that marked the beginning of the Great Depression. The goal of the policy is to make depositors feel confident about the banking system. That way, people don't end up squirreling cash away in mattresses or keistered away in tight rolls for emergencies. Money stored away like that doesn't do the economy any good. In banks, the funds can get lent out and spur further growth.

But what happens if you have more than $250,000? How do you make sure that's guaranteed?

IDC Deposits is a company for just these occasions.

You have a million dollars you want to deposit. You don't want to go through the trouble of breaking it up and putting chunks in a bunch of separate banks. Instead, you deposit the million bucks with the IDC. Then they funnel it through a network of banks for you.

Your cash is secure...and if you want any of it, you just go through IDC. They take care of all the back-end processing.