Accepting Brokered Deposits
The certificates of deposit available through Primary Financial’s SimpliCD program are issued by federally insured financial institutions – with Primary Financial acting as custodian for the investor.
Per the Federal Deposit Insurance Corporation (FDIC), financial institutions considered well-capitalized under Prompt Corrective Action (PCA) standards may accept brokered deposits without legal restraint. In addition, adequately capitalized institutions may accept brokered deposits with a waiver from the FDIC.
In fact, there should be no stigma attached to the acceptance of brokered deposits per se and the proper use of such deposits should not be discouraged.
For a list of frequently asked questions and answers about brokered deposits, click here.
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