- What is the Insured Deposit Account?
The Insured Deposit Account seeks to provide a competitive level of interest in federally insured institutions with liquidity, safety and 24/7 access to account information. Deposits in the IDA are federally insured and distributed among multiple ‘well-capitalized’ banks and savings institutions as defined by FDIC regulations, and credit unions insured by the NCUA. By spreading your deposits among multiple institutions, the Landing Rock IDA is able to offer a higher level of federal insurance coverage compared to if you placed your deposit in a single banking institution.
- How does the Insured Deposit Account work?
Each customer has a single account with Landing Rock. You receive one statement showing where your funds are held in each federally insured institution. Cash at each participating institution stays below the federal insurance limit, currently $250,000. Any funds in excess of the federal insurance limit are automatically transferred to another participating bank, savings institution, or credit union. Interest will accrue from the date that funds are deposited with a participating financial institution, through the day before the date of withdrawal. Interest will be compounded daily and be credited to your account at the end of each month. Insured Deposit Account holders can also purchase certificates of deposit.
- What are the main benefits of the Insured Deposit Account?
– Up to $50 million of federal insurance coverage per tax ID.
– Next day liquidity without penalties or withdrawal fees.
– Competitive rates.
– Convenience of a single statement.
– Deposits are placed exclusively in ‘well-capitalized’ banks and savings institutions as defined by the FDIC, and credit unions.
– May be suitable for fiduciaries required to invest solely in U.S. government-guaranteed or insured investments.
– Website access to trading, account information,
– Search and purchase certificates of deposit offered by banks and credit unions nationwide.
- Does Landing Rock keep track of bank mergers?
Landing Rock wants to make sure that your investment in the Insured Deposit Account always has full FDIC coverage. As a part of that goal, we conduct a regular automated check with the FDIC that includes notification of bank mergers. In addition, as a failsafe, the FDIC provides a 6 month grace period for bank mergers. So even if we were not notified of a bank merger right away, we still have a 6 month period where if there were two accounts at the same bank, they would still be considered separate for FDIC insurance purposes. This link may be helpful for more information.
- What if I already have an account at a bank that Landing Rock has in its IDA program?
In order to help insure that you never have more than $250,000 in any one bank, every Landing Rock IDA client has the ability to exclude banks so that we do not allocate funds to banks you already have an investment with. Just go to the bank exclusion function in your account when you log in.
Also, it is important to note that Landing Rock relies on our clients to keep their bank exclusion list current. When you log into your account on LandingRock.com you have the ability to exclude banks in which you already have investments. We do not know what your investments are outside of Landing Rock, so we need your support by keeping the exclusion list current.
- When can I enter transfers?
You can enter transfers 24/7 for the next business day or a future business day. All transfers entered before 3PM Eastern time on a business day will be processed the same day and settled the next business day.
- What if I am locked out of my account?
If you are locked out of your account, try using the Forgot Password option, or the option to answer your Security Questions. If both fail please email us at email@example.com
- How does the certificates of deposit program work?
Landing Rock offers certificates of deposit from banks and credit unions nationwide. You can purchase these from within your Insured Deposit Account at a maximum of $250k per institution including interest. Banks and credit unions where you already hold money via the IDA or which you have excluded from the IDA are automatically also excluded from the list of CDs available to you. We do this to ensure that no more than $250k, which is the current federal insurance maximum, is placed in any single insured institution.
- What should I do if I see a login timestamp that wasn't me?
Get in touch with us as soon as possible. You can email us at firstname.lastname@example.org
- Is Landing Rock a money services business?
No. Landing Rock does not provide any of the distinct financial services of a money services businesses (MSB) which are foreign exchange services, check cashing, issuing or selling of traveler’s checks or money orders, providing or selling prepaid access, or money transmission.
- Is Landing Rock a third party payment processor?
No. Landing Rock does not provide any of the services of a third-party payment processor (TPPP) which includes merchants transactions of credit card payments and ACH transactions.
- Is Landing Rock a bank?
Landing Rock is not a bank. We are a non-bank financial institution that acts as your agent, moving money between banks and credit unions in our deposit network to maximize federal insurance coverage or interest, depending upon your goals.