Banks regularly participate in networks established for the purpose of sharing deposits with other FDIC insured depository institutions or NCUA insured credit unions. In these networks, a participating bank may place funds through a third-party provider at other participating network banks. These programs can be used by banks to manage growth in deposits, like the exceptional growth and demand for our products over the past year. You can learn more about the sweep programs here: https://www.sec.gov/oiea/investor-alerts-bulletins/ib_banksweep.html
Why is Hatch Bank depositing my funds in other depository institutions?
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