How Does It Work?
You deposit your funds into a checking account at our bank. Then you request how much you want to transfer, and we place your funds in increments below $250,000 in demand deposit accounts at multiple FDIC-insured banks. By working directly with just our bank, you can access coverage from many. When you need the funds, you just complete a Transaction Request Form to send the funds you need back to your checking account at our bank. You can make an unlimited number of program withdrawals of ICS funds placed in demand deposit accounts. An example of how this works is shown below.
With the ICS service, you can
- Earn interest by putting your checking account excess cash balances to work in demand deposit accounts.
- Enjoy peace of mind knowing your ICS funds are eligible for multi-million-dollar FDIC insurance.
- Save time by working directly with just our bank – the bank you know and trust.
That’s smart savings.
Frequently Asked Questions
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC generally insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. With ICS, your funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members – each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us for all your funds in the ICS program. (You can also see, online, where your funds are at all times.)
How often can I access my funds?
You can make an unlimited number of program deposits and withdrawals of ICS funds placed in demand deposit accounts.
Who has custody of my funds?
Funds placed through ICS are only deposited in FDIC-insured banks. We act as custodian for your ICS deposits, and the sub-custodian for ICS deposits is The Bank of New York Mellon, the largest custodian in the world with total assets of more than $25 trillion.2
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed in demand deposit accounts with ICS 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.
Do my funds stay local?
Funds placed through ICS are exchanged on a dollar-for-dollar basis with other participating financial institutions in the ICS Network, so we can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates.
How do I begin to use the ICS service?
- Set up an account with our bank. This can be an existing checking account or establish a new checking account with us.
- Sign the agreements. Sign an ICS Deposit Placment Agreement and a Custodial Agreement with us.
- Deposit funds. Put funds in your checking account.
- Complete a Transaction Request Form. These are given to you when you open your account.
- Place funds through ICS. Funds are sent per your request between your account at our bank and demand deposit accounts at other ICS Network Institutions.
- See where your funds are with the DCP (Depositor Control Panel). Check online at www.depositorcontrol.comanytime to check account balances, see where your funds are placed and manage fund placements.
 Placement of your funds through the ICS service is subject to the terms, conditions and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, you enter into with us. Unlimited withdrawals are available with ICS only when using the ICS demand option. Limits and customer eligibility criteria apply.
 As reported by The Bank of New York Mellon in June 2011. Please see www.bnymellon.com/foresight/readcounter.cfm?id=tl324&lb for details.
Insured Cash Sweep is a registered service mark, and ICS is a service mark, of Promontory Interfinancial Network, LLC.