Jumbo Deposit Account FAQs

We offer a great feature with our Jumbo Deposit Account for customers just like you. We have partnered with IntraFi® Network to offer a service called IntraFi Cash Service® (also known as Insured Cash Sweep or ICS).  This program allows participating banks across the United States to electronically transfer (sweep) money between member banks to ensure every customer with an ICS account is fully FDIC insured.

When you are completing the Jumbo Deposit Account application, you will be given the opportunity to apply for an ICS account, too. After you complete the application for your ICS account, we'll get your ICS account established in the IntraFi® program. When you make deposits into your Jumbo Deposit account, we electronically sweep money from your JDA to your ICS account to be deposited with other banks participating in this program. The convenience is that you don't need to manage multiple accounts or multiple banks to get additional FDIC coverage. You can manage and monitor all your money with Heritage Bank using our digital banking app.

The minimum balance requirement if $.01, but larger deposits earn higher interest rates.

The Jumbo Deposit Account is actually a money market account. When you log in to Digital Banking to see your account, your Jumbo Deposit Account will show up as a checking account, which is how money market accounts appear in our system.

No, we do not offer checks with this account. But, we do have a number of different options for accessing your money, including transfers to your Heritage Bank checking account, where you can write out checks.  Check out Accessing your Jumbo Deposit Account for all your options.

The only regular service charge with a Jumbo Deposit Account is a $15 per month charge if you are not enrolled in eStatements. If you do not have a valid email address on your account, you are not able to receive eStatements, and therefore will be charged $15 per month for mailed paper statements. You can avoid this fee by enrolling in eStatements.

There might be some other services that could result in a fee, such as closing your account within the first six (6) months, or a dormant account fee. But all of that is outlined in the disclosures that you’ll receive when you open the account.

Certainly! You can open as many Jumbo Deposit Accounts as you want!

Much of the activity can be managed through Digital Banking. Check out Accessing your Jumbo Deposit Account for all your options.

You have several options for funding your Jumbo Deposit Account:

1. Automatic payment (ACH) transfer - as part of your application, you can fund your new account for $1,000. Once your account is funded, just select "Contact Us" within our online banking program and submit your request, including the routing number, account number and the amount you want to transfer in or out to your other financial institution.
2. Paper check can be mailed to or dropped off at any of our locations.
3. Wire transfer
4. Transfer from another Heritage Bank account
5. Mobile Deposit within your Digital Banking

The money deposited into a Jumbo Deposit Account earns interest on the same day we receive it.

The Jumbo Deposit Account is a money market account and the rate is subject to change at any time.

As a money market account, the Jumbo Deposit Account interest rate is a variable interest rate, so you cannot lock the rate. If you’d like to lock in a rate on your money, you may be interested in our Triple Option CD.

Certainly.  We’ll send you a couple documents via secure email that will need to be signed. Once those are returned to us, then your ICS feature will be all set up and ready to go. Please keep in mind, if you are opening a Jumbo Deposit Account without ICS, but additional FDIC insurance may be important to you, you’ll want to make sure you have your JDA ownership structured appropriately. We can help you set that up for future growth.

As the account holder, you would be responsible for setting up the ownership of your accounts in a way that works for you, including for FDIC coverage.

ICS stands for IntraFi® Cash Service or Insured Cash Sweep. ICS is a service we use to automatically transfer money from one FDIC-insured account to another FDIC-insured account, according to your prearranged instructions vs. you having to monitor the balances in multiple accounts and manually transfer money from one account to another to meet your money needs.

Yes, you earn the interest rate that Heritage Bank advertises because your relationship is with Heritage Bank.  You get the same rate on your ICS money as you get on your Jumbo Deposit Account.

By securely depositing your money into a Jumbo Deposit Account with the ICS feature, you earn a great interest rate, conveniently view the entire deposit on one monthly statement and can trust that your deposit is fully FDIC insured.

When you sign up for the ICS feature, we will provide you online login information for IntraFi®, so you will be able to see where your deposits are held. We will also send you a monthly statement of your ICS account, which also shows this information.

Yes. When you complete the paperwork for the ICS account, you can indicate which banks you do not want to deposit your money in, so as not to surpass FDIC limits at the other banks.

After you open your JDA and ICS accounts, you will need to enroll in Digital Banking. Once enrolled, you will see two checking accounts when you log in, one for JDA and one for ICS. Money Market accounts are displayed as checking accounts in our system.

Transfers are processed through your Jumbo Deposit Account and you won’t actually do transfers directly to your ICS account. When you make deposits to your Jumbo Deposit Account, we will automatically sweep money to your ICS account, so you always maintain full FDIC coverage.

When you sign up for the ICS feature, you will do all of your transactions through your Jumbo Deposit Account. When you have money to put into the ICS account or want to take money out of the ICS account, we will electronically sweep the money back and forth. Your Jumbo Deposit Account is designed with coding to manage the balance and protect the deposit from exceeding FDIC limits.

It depends on whether it is a Revocable trust or Irrevocable Trust.  The best way to determine FDIC coverage is to go to FDIC.gov.