IDC Deposits

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Dictionary Says

Definition of 'IDC Deposits'

IDC Deposits Corp. oversees the MMAX (Money Market Account Extra) program which provides depositors with an efficient way to make large deposits – up to a maximum of $5 million – and secure FDIC insurance. 

Expanded FDIC coverage is attractive to depositors, particularly when financial markets are experiencing significant volatility and firms (commercial entities, public agencies and individuals) want a safe place to park cash. The deposit is divided up between a network of 50+ IDC Deposit Network banks nationwide to meet FDIC insurance requirements. 
Investopedia Says

Investopedia explains 'IDC Deposits'

Wells Fargo is the custodian for the MMAX account structure. By dividing a single large deposit into smaller amounts among Network banks, lenders can ensure that the depositor's principal and interest are eligible for full FDIC protection. MMAX account holders are able to make up to six withdrawals from their account monthly.
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'IDC Deposits'

  • 9 Tips For Safeguarding Your Accounts

    http://www.investopedia.com/articles/pf/08/account-protection.asp
    ... The Institutional Deposits Corporation (IDC) offers the Money Market Account Xtra
    (MMAX) through its network of participating community banks nationwide to ...

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$10K MMA 0.50% 0.51%
MMA 0.45% 0.46%
6 Month CD 0.46% 0.47%
1 Year CD 0.70% 0.75%
5 Year CD 1.46% 1.46%
1 Year Jumbo CD 0.66% 0.67%
Rate data provided by Bankrate
Product Today Last Wk
$30K HELOC 4.59% 4.60%
$30K Home Equity Loan 5.74% 5.77%
$50K Home Equity Loan 5.45% 5.50%
$50K HELOC 4.24% 4.24%
$100K Home Equity Loan 5.41% 5.46%
$100K HELOC 4.13% 4.13%
Rate data provided by Bankrate
Product Today Last Wk
30 Year Fixed 3.80% 3.80%
15 Year Fixed 3.09% 3.11%
1 Year ARM 3.54% 3.53%
30 Year Fixed Jumbo 4.38% 4.38%
5/1 ARM 2.65% 2.69%
3/1 ARM 2.69% 2.69%
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48 Month Used Car Loan 4.35% 4.35%
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60 Month New Car Loan 3.35% 3.34%
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