Why ICS?
Would you like to access multi-million-dollar FDIC protection on your deposits, earn interest, and enjoy liquidity at the same time? Now you can—through ICS®, the IntraFi® Cash Service.
With ICS, 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.
Enjoy liquidity. Make unlimited program withdrawals.
Save time. Work directly with just our bank—a bank you know and trust. And reduce the need to track collateral on an ongoing basis, if you are accustomed to collateralization.
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. 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. (You can also see, online, where your funds are at all times.)
How often can I access my funds?
You can make unlimited program withdrawals using the ICS demand option.
Who has custody of my funds?
Funds placed through ICS are deposited only in FDIC-insured institutions. We act as custodian for your ICS deposits, and BNY Mellon acts as subcustodian for the deposits.
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed with other institutions participating in IntraFi's network, and those Network members provide you with access to FDIC insurance coverage on deposits at those banks. 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.
Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.