When you have deposits at a single bank in a single ownership capacity, then you have access to up to $250,000 in FDIC insurance at that bank. But by using ICS®, the Insured Cash Sweep® service, and CDARS®, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS and/or CDARS.
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 your bank using ICS or CDARS, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in deposit accounts at other ICS Network or CDARS 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.
By working directly with just your bank (an ICS Network and/or CDARS Network member), you can access FDIC coverage from many. And you can enjoy the convenience of receiving one monthly statement per service or service option from your bank.
When you're ready to take advantage of Insured Cash Sweep and/or CDARS, there are five easy steps to get started.