A solution for uneven cash flow
To help with this challenge, UWMD needed a financial product that would give them access to cash throughout the year—without taking on extra risk. Fortunately, Bank of Texas had just the right solution—what used to be known as an insured cash sweep but was recently renamed IntraFi® Network Deposits. For the customer, it feels like they have a single account with one financial institution, such as Bank of Texas. However, on the back end, their money is actually distributed among multiple banks so that no single bank is holding more than the FDIC-insured limit of $250,000.

“It functions much like a money market. It has a small return on it, but the main value of it is that it is backed by the U.S. government,” explained Nathan Jacks, Relationship Manager with Bank of Texas. Plus, UWMD has same-day availability of funds so they can access their deposits when they need it, not on a set schedule.

For UWMD, the fact that their deposits are fully insured by the FDIC is crucial. “We take a prudent approach with our investments to ensure our money is working for us without assuming too much risk, which in turn means we are able to use our funds to create impact for the community,” said Jennifer Sampson, McDermott-Templeton President and CEO of UWMD. Dallas-area nonprofit organizations and programs depend on the money that UWMD grants to them. If UWMD were to assume too much risk, valuable community organizations and programs might not receive the funds earmarked for them.

“The Bank of Texas team not only services all our banking needs but also has served as a trusted business advisor, helping us think through challenges and opportunities to improve different functions and processes. Equally important, Bank of Texas is also a valued partner with United Way, demonstrating its commitment to creating opportunities for all North Texans to thrive.”

Jennifer Sampson McDermott-Templeton, President and CEO of United Way of Metropolitan Dallas

More than just a banking relationship
The relationship between Bank of Texas and United Way of Metropolitan Dallas spans two decades and extends far beyond providing financial services. United Way is one of Bank of Texas’ four pillars of corporate philanthropy.

Consequently, Bank of Texas professionals donate their time, money, and leadership expertise to the nonprofit. For example, Bank of Texas Chairman Norm Bagwell is a longtime supporter, Sampson said.

Big bank capabilities with a personal touch
Today, Bank of Texas provides United Way of Metropolitan Dallas with not just the IntraFi Network Deposits product but also Treasury services, including lock boxes and Positive Pay, an automated cash-management service that helps deter check fraud. The Bank of Texas Treasury team worked with UWMD on their pledge cards to make reconciling accounts easier, Jacks noted.

Plus, Bank of Texas also helped UWMD secure two rounds of PPP loans, providing the organization with funds at a time when the Dallas community needed it most. “The PPP loans were an important tool to ensure we could continue to invest in our mission during a time of great community need, and it was a process that was new for us and complicated to understand and operationalize,” Sampson recalled. “Nathan really guided us through the whole process, and because of his counsel, we received over $3 million at a time when our work in the North Texas region was more important than ever.” UWMD’s PPP loans were fully forgiven, and Bank of Texas commercial bankers actively supported the organization throughout the forgiveness process.

Indeed, one of the factors that differentiates Bank of Texas from other financial services institutions is the personal touch that individuals like Jacks provide, Sampson noted. “The people with whom we work not only treat us like customers, they’re investing their time and resources in us, too,” she said.

For UWMD, having a strong relationship with our banking advisors is critical, she continued. “The Bank of Texas team not only services all our banking needs but also has served as a trusted business advisor, helping us think through challenges and opportunities to evolve and improve different functions and processes.”

“Clients come to us because we’re relationship-focused,” Jacks agreed. “It’s not products and services. It’s Nathan and Jennifer.”

Why choose an Intrafi® network deposit (insured cash sweep)?
When you deposit money in a bank or savings association that’s insured by the FDIC (Federal Deposit Insurance Corporation), you won’t lose your deposits in the unlikely event that the bank or savings association would fail. That’s because your deposits are automatically insured by the FDIC up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.

But what if you, your organization, or business has more than $250,000 in cash? One option is to hold accounts with multiple financial institutions, keeping each account below the $250,000 limit. However, that requires managing relationships with multiple financial institutions. A more streamlined solution is an insured cash sweep or IntraFi® Network Deposit. With this option, you’ll work directly with one financial institution, such as Bank of Texas, where you will make your deposits and access your money. However, on the back end, multiple FDIC-insured financial institutions will hold your money so that each account is never above the FDIC-insured limit.

“Our values are in alignment, and that has made our relationship with United Way truly a strong partnership over the years.”

Chris Holder, Bank of Texas Executive Director of Corporate Banking for North Texas

Shared community, shared values
Just as United Way is dedicated to helping local communities in three focus areas—education, income, and health, Bank of Texas is dedicated to four pillars of philanthropy: education, basic needs, economic development and the United Way. This shared dedication to helping the community is the “icing on the icing” of the cake, Sampson said.

For Bank of Texas, commitment to philanthropy is crucial to the corporate culture. “Our values are in alignment, and that has made our relationship with United Way truly a strong partnership over the years,” said Bank of Texas Executive Director of Corporate Banking for North Texas, Chris Holder. “One of our core values is ensuring that our communities have access to services that support basic needs, whether it is food security or access to strong healthcare services, and United Way’s focus is on meeting those needs as well.”