Public Fund Deposits
Across the United States, local and state governmental organizations use reciprocal deposit services to access multi-million-dollar FDIC insurance through a single bank relationship. In this way, they are able to safeguard taxpayer money, keep funds local, and eliminate the burden of ongoing collateral tracking.
Here are a few facts about how public entities—including city, county, and state treasurers; school districts; police and fire districts; and public hospitals—are using ICS®, or the Insured Cash Sweep® service, and CDARS® provided by Promontory InterfinancialNetwork.
- Fifty states have laws that enable governmental entities to protect deposits through CDARS, and nearly 50 states have laws enabling Insured Cash Sweep.
- Last year, thousands of governmental entities across the United States utilized Insured Cash Sweep and/or CDARS to access multi-million-dollar FDIC insurance through a single bank relationship, and, together, they placed billions of dollars through these services.
- This infographic shows the average Insured Cash Sweep and CDARS outstandings as of the quarter-end for each of the four quarters in 2017 for the top 10 states using ICS and CDARS.
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