Centime Checking Plus

Summary: An overview of Centime Checking Plus* features and functionality.

Permissions: 

• Banking - "Initiate account transfers" and "View aggregate account balances" and "drill into transactions"
• Administration - "Activate and manage integrated payment and credit solutions"

TABLE OF CONTENTS

• Overview
• Applying for Centime Checking Plus*
• Transferring Funds
• Earning Interest
• How ICS®, Intrafi Cash Service® Works

Overview

Centime Checking Plus* is a fully-liquid, high-yield checking account that is linked to the ICS service, permitting you to access millions of dollars in aggregate FDIC insurance across a network banks, while working with just one, FNBO.

A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks.

Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

*Centime is a financial technology company, not a bank.

*Centime deposit accounts and banking solutions are provided by FNBO. Member FDIC.  

Applying for Centime Checking Plus*

Users with the necessary Administration permission "Activate and manage integrated payment and credit solutions," can apply from the Banking and payment solutions page. Please contact your customer success manager for assistance.

Transferring Funds

Funds can be transferred to/from Centime Checking Plus* from/to any other connected bank account. There are no limits on the number or size of your transactions, other than the total balance available for transfer. See: Account-to-Account Transfers

Funds deposited in excess of the standard FDIC insurance maximum of $250,000 will be automatically placed through ICS to access FDIC insurance across a network of banks (see below).

Earning Interest

Interest is earned against the total balance in the account and is calculated using the daily balance method. This method applies a daily periodic rate to the principal balance in the account each day. Interest is compounded and credited monthly.

How ICS, Intrafi Cash Service Works

When we place your deposit through ICS, that deposit is automatically divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed into deposit accounts at multiple FDIC-insured banks. As a result, you can access FDIC coverage from many institutions while working directly just with us.

You can view a detailed statement of your sweep account holdings and interest earned by expanding "Centime Checking Plus" on the Banking Module dashboard, clicking on you sweep account, then selecting "sweep account portfolio" in the dropdown on the top lefthand side.

Learn more about FDIC insurance here: https://www.fdic.gov/resources/deposit-insurance/

*Centime is a financial technology company, not a bank.

*Centime deposit accounts and banking solutions are provided by FNBO. Member FDIC.  

* 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 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 exceed the SMDIA before settlement for deposits or after settlement for withdrawals. 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, ICS, and IntraFi Cash Service are registered service marks of IntraFi LLC.