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Kearny Insured Liquidity Sweep

Insured Protection with Daily Liquidity

The perfect account for anyone seeking safety, security, and same-day availability.

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A Single Banking Relationship with Outstanding Benefits

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Protecting your deposits, especially during times of market volatility, is important. The Kearny Insured Liquidity Sweep account program is the most flexible solution available enabling access to multi-million dollar FDIC insurance per insurable capacity at network banks. It's an ideal cash sweep option for anyone seeking safety, security and daily access to funds.

The Kearny Insured Liquidity Sweep account automatically maintains your daily minimum balance by transferring excess funds into insured deposit accounts at network banks.

Funds in your account at Kearny Bank are still readily available via check, wire, EFT, or debit card.

Interested in learning more about the Kearny Insured Liquidity Sweep account? Call 973-244-4516 or make an appointment.

 

A list identifying IntraFi network banks can be found at www.IntraFi.com/network-banks. Certain conditions must be satisfied for FDIC deposit insurance coverage to apply. To meet these conditions, deposit accounts are titled, and deposit account records are maintained, in accordance with FDIC regulations for coverage.

Featured Key Benefits

Single Source Means You Only Deal with Kearny Bank

When linking your accounts to an insured liquidity sweep account with Kearny Bank, you'll work solely with them and avoid time-consuming record-keeping. The program automatically allocates deposits above the individual tax ID's $250,000  FDIC Insurance limit to insured accounts in other participating financial institutions.

Important Advantages

The insured liquidity sweep account is available to individuals, businesses and government entities. Consider the important advantages:

  • Daily liquidity combined with expanded levels of FDIC insurance up to $50 million per individual tax ID number
  • Automatic end-of-day transfer of funds in excess of target balance you set
  • No withdrawal limitations
  • Automatically transfers funds to meet daily account balance needs
  • Daily balance reporting
  • Separate monthly investment account statement
  • Download detailed flyer here.

Click here for a list of all of the insured depository institutions that are part of the deposit network of IntraFi LLC.

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FAQs

Find answers to common questions about Kearny Bank and our services.

Banks that are deposit-taking banks within the program are only considered if they are categorized as “well capitalized” by the FDIC and have no outstanding enforcement actions such as cease and desist orders, particularly regarding capital structure. Status is evaluated quarterly.

The program administrator has not experienced a bank failure within the sweep program since the program's inception in 2011. On an annual basis, the program administrator tests its procedures for filing an FDIC claim for a "mock" bank failure to ensure a timely filing of a claim in the event of an actual bank failure.

Total balance levels may be accessed daily on Kearny Bank’s Online Banking. Monthly statements provide the name of each bank and the corresponding balance at each bank. Details of deposit placement amongst program banks may be accessed during the month via the program administrator’s online system.

The system provides daily liquidity. Funds may be accessed on any banking day without penalty. All transactions (checks / wires / EFTs / deposits) flow through the checking account as usual. Funds are automatically transferred to and from the sweep account as needed.

A current list of participating banks is provided at account setup. An account holder may ‘opt out’ of banks on the list to avoid exceeding the FDIC Insurance limit of $250,000 per individual tax ID.

Maximum insurance limits are set to allow a cushion for ‘opting out’ of several banks as well as interest posting. Should the balance approach a critical level, the account holder is notified of the potential insurance cap and may choose to leave the funds in the program or remove excess funds.

Interest is posted on the last day of the month and is reinvested in the program.

Interest is accrued daily and paid monthly using a standard simple interest calculation: ((Principal X (Rate/365)) X Number of days in Period).

Interest is paid by Kearny Bank. A 1099-INT is sent from Kearny Bank for tax purposes.

Download a Kearny Insured Liquidity Sweep fact sheet.

Download all FAQs


Open a Kearny Insured Liquidity Sweep account today.

The right combination of security and fluidity for your funds.

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Deposit placement through an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may be uninsured. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi is a registered service mark of IntraFi LLC.

 

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