HOW ICS & CDARS WORK

By working directly with just us—a bank you already know and trust—you can receive coverage through many.

Financial institutions that offer Insured Cash Sweep® and/or CDARS® are members of the ICS® Network and/or the CDARS Network. When you place a large deposit with us using the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in deposit accounts at other Network banks. Funds are placed into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or into CDs using CDARS. By placing your funds in increments below the standard FDIC insurance maximum of $250,000, both principal and interest are eligible for FDIC insurance.

Although funds are placed with multiple banks, you work directly with just us and receive just one regular statement per service utilized.

How ICS and CDARS Work Banking Graphic

IT'S THAT EASY

 

WHEN YOU'RE READY TO TAKE ADVANTAGE OF ICS,
HERE'S WHAT HAPPENS:

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You sign an ICS Deposit Placement Agreement and a custodial agreement with our bank.
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You identify an existing transaction account (or set up a new one) to be used with each ICS option.
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Your funds are placed into deposit accounts with other members of the ICS Network.
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You can check balances and see where your funds are at all times using an online tool specially developed for Insured Cash Sweep.
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You receive consolidated interest payments and one regular monthly statement from our bank.

WHEN YOU'RE READY TO TAKE ADVANTAGE OF CDARS,
HERE'S WHAT HAPPENS:

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You sign a CDARS Deposit Placement Agreement and a custodial agreement, then deposit money with our bank.
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Your funds are placed using the CDARS service.
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Your CDs are issued by other members in the CDARS Network.
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You receive confirmation of your CDs from our bank.
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You receive consolidated interest payments and statements through us.