What can ICS® and CDARS® do for me?
ICS and CDARS offer a smart, secure, and convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility. With the ICS and CDARS services, you can:
- Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option, money market deposit accounts using the ICS savings option, and/or interest-bearing certificates of deposit (CDs) using CDARS. Earn one rate on your ICS savings deposits, one rate on your ICS demand deposits, and one rate per maturity for your CDARS deposits.
- Save time. Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement for each service from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.1
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions, like ours, that offer ICS and/or CDARS are members of a special Network. When we place your deposit through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
How often can I access my funds?
You can make unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).
Who has custody of my funds?
Funds placed through ICS and/or CDARS are deposited only in FDIC-insured banks. We act as custodian for your ICS deposits, and the subcustodian for ICS and CDARS deposits is the Bank of New York Mellon (BNY Mellon), the largest custodian in the world.1
Who provides the additional FDIC insurance when my funds are placed using ICS and/or CDARS?
Through ICS and CDARS, funds are placed with other Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just our bank, you can access coverage through many.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.