Insured Cash Sweep
ICS®, or the Insured Cash Sweep® service, is a smart, secure, and convenient way for bank customers to earn a return and access multi-million-dollar FDIC protection on large deposits¹.
How Does It Work?
When our bank places funds for you using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000). This makes your funds eligible for FDIC protection. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us, an institution you already know and trust, and receiving regular statements just from us, and receiving just one regular statement from us. It’s that easy.
With the ICS service, you can
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts using the ICS savings option.
- Enjoy peace of mind knowing your ICS funds are eligible for multi-million-dollar FDIC insurance.
- Save time. Work directly with just our bank – the bank you know and trust.
- Enjoy flexibility. Enjoy full liquidity through unlimited program withdrawals using the ICS demand option, or access funds by making up to six program withdrawals per month using the ICS savings option.
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. Your ICS 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 each ICS option utilized. (You can also see, online, where your funds are at all times.)
How often can I access my funds?
You have unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option.
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.2
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed in 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.
 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. When using the ICS savings option, program withdrawals are limited to six per month. . Limits and customer eligibility criteria apply.
 As reported by The Bank of New York Mellon in December 31, 2016. Please see www.bnymellon.com/foresight/readcounter.cfm?id=tl324&lb for details.
ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.