Has anybody had any experience with IDC (Institutional Deposits Corp, SunTrust Bank, http://www.idcdeposits.com/ ) ?
It says: it acts as custodian for placement of funds at FDIC-insured banks.
Their rates are usually on top (5.38% APY as of today) and the whole idea sounds attractive.
But not very clear how it physically works.
Does the customer know in what bank(s) they deposit his or her money ? Who do you deal with if one of those banks fail ?
Is this business itself secured, insured somehow ?

Any help or information would be appreciated.