InsurBanc, the federal savings bank jointly developed by the Independent Insurance Agents & Brokers of America and W.R. Berkley Corporation, has expanded its network of national commercial deposit points to meet the needs of independent agencies throughout the U.S.
Independent agents whose banking relationships are with InsurBanc can now make in-branch commercial deposits at more than 12,000 branch locations across the country. The agency’s banking relationship is with InsurBanc and they are able to utilize the extensive branch network of four major banks across the country to make their deposits.
The banks now accepting the deposits from InsurBanc customers at their branches include Bank of America, Wachovia, Wells Fargo and, most recently added, Fifth Third.
After an InsurBanc client agency deposits its funds at a local branch of one of these institutions, the funds are swept overnight into the agency’s account at InsurBanc with immediate availability of funds.
InsurBanc Chief Operations Officer Mary Grazen said the bank pioneered this unique delivery network to further extend its services to independent agencies. “Our agency clients asked for additional flexibility and convenience in their commercial banking options. We responded by developing this unique solution to bring our capabilities closer to them, no matter where they may be. With our state-of-the-art online banking system and now over 12,000 deposit points, nearly all independent agencies can take advantage of our services.”
Massachusetts independent agent, Richard W. Davis, InsurBanc chairman of the board, further endorsed the delivery system. “By developing this unique solution InsurBanc continues to demonstrate why it has earned the trust and respect of the independent agent community as the ‘go-to’ financial services provider for IIABA members.”
For more information, contact InsurBanc toll free at 1-866-467-2262.
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