ICS - Insured Cash Sweep
Access multi-million-dollar FDIC insurance on funds placed into money market deposit accounts.
What is ICS?
Through ICS, you can:
Enjoy peace of mind
ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States government.
Put excess cash balances to work in savings accounts (money market deposit accounts).
By providing access to FDIC insurance through a single bank relationship, ICS can help your organization comply with investment policy mandates.
Enjoy daily liquidity in your transaction account at our bank; replenish the transaction account by withdrawing ICS funds up to six times per month.
Support your community
Feel good knowing that the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.
How does ICS Work?
Work directly with Citizens Union Bank―a bank you already know and trust―to access coverage from many, receive just one regular statement, and know that your confidential information remains protected.
Deposits are sent to money market deposit accounts at other member institutions in amounts under the standard FDIC insurance maximum of $250,000.*
What else do you need to know?
- Your money is always on deposit in regulated, FDIC-insured institutions.
- You can check balances and see (online) where your funds are at all times and will receive one consolidated statement each month.
- As always, your confidential information remains protected.
- If you are an existing CDARS® customer and your funds are placed both through CDARS and through ICS under the same tax identification number, the ICS system is programmed to recognize your existing CDARS placements and exclusions maintained by us. Online tools allow you to verify that your funds are not being placed in institutions you have excluded.*
* Note that different tax identification numbers do not guarantee different insurable capacities.
Placement of your funds through the ICS service is subject to terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, that you enter into with us. Limits and customer eligibility criteria apply. Program withdrawals and transfers are limited to six per month or statement cycle when using the ICS savings options. If you are subject to restrictions with respect to the placement of funds in depository institutions, it is your responsibility to determine whether the placement of your funds through ICS or a particular ICS transaction, satisfies those restrictions. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.