Custodian Banks temporarily hold funds so that these funds can be efficiently allocated and placed with a Network Bank. The deposit accounts of the Custodian Bank that is selected to transfer the funds to a Network Bank is insured by the FDIC or NCUA to the same extent as any Network Bank (up to $250,000) per depositor.
Why would my funds be transferred to a Custodian Bank before they are transferred to a Network Bank?
Paul
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