MIAMI, Oct. 06, 2020 (GLOBE NEWSWIRE) -- For more than a decade CDC Deposits has been providing community banks with new deposits that also generate benefits to local charities in their communities while simultaneously providing market returns to depositors. Now, CDC Deposits has changed its name to Impact Deposits Corp. to reflect its focus on the social impact of their work with a growing list of over 300 different nonprofits.
Impact Deposits has been a pioneer in offering depositors the ability to place their funds into FDIC-insured money market accounts at banks across the U.S with no more than $250,000 in any one bank, so that all of their funds are FDIC-insured. Uniquely, Impact Deposits’ program also generates positive social impact for the banks and their local communities through the work of Impact Deposits with charitable organizations in the communities served by the banks.
Impact Deposits does this by designating each of their depositors’ accounts to one or more nonprofits in the communities served by the bank in which the deposits are placed. Impact Deposits then donates funds to the local nonprofits to support their programs. To date, Impact Deposits has made donations of almost $9 million to nonprofit organizations in communities served by Impact Deposits’ Community Bank Network.
Key benefits of Impact Deposits’ program include:
- Full FDIC insurance on large cash deposits
- Superior interest rates
- Next-day liquidity
- No account or transaction fees
- Online account access
Regarding the name change, Bill Burdette, founder and CEO of Impact Deposits Corp., stated, “As a mission-based organization we strive to deliver optimal financial returns to our depositors while also building bridges between community banks and hundreds of local nonprofits. Our new name will better project the goal (and primary purpose) of our company to improve economic and social outcomes for people by linking community banks with charitable organizations in the communities they serve.”
About Impact Deposits Corp.
Impact Deposits is a purpose-driven company that proactively builds mutually beneficial relationships between community banks, nonprofits, and partners to accelerate positive economic and social outcomes. Since 2003, the company has operated a cash deposit management network in the U.S., through which it has managed billions of dollars on behalf of institutional investors, municipalities and local governments, high net worth individuals, family offices, foundations, endowments, corporations, and others. Visit: https://impactdeposits.com; email: impact@impactdeposits.com