Investment options to protect your larger deposits
CDARS® and ICS® Networks
With the Insured CDARS® and ICS® services, you can enjoy the peace of mind that comes with access to multi-million-dollar FDIC insurance and can choose the service or combination of services that best meets your needs for returns and access to funds.
How Does It work?
Institutions, like ours, that offer ICS and CDARS are members of a special network. When we place your deposit through the ICS or CDARS service that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed in money market deposit accounts (using ICS) or CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one. You receive one monthly statement from our bank for each service in which you participate. As always, your confidential information is protected.
What can CDARS and ICS do for you?
Peace of Mind
Rest assured knowing that your funds are eligible for multi-million-dollar FDIC insurance protection that’s backed by the full faith and credit of the federal government. No one has ever lost a penny of an FDIC-insured deposit.
Earn Interest – One Rate
Ask us about the returns you can earn. Enjoy the conveniences of banking directly with us and of earning one interest rate per service for funds placed into money market deposit accounts through ICS or into CDs through CDARS.
With ICS, enjoy up to six program withdrawals per month. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).*
Save Time – One Relationship – One Statement
Work directly with just us—a bank you know and trust—to access multi-million-dollar FDIC insurance and forgo the need to use repo sweeps or to track collateral on an ongoing basis.
For more information or to set up your account, call us at (800) 300-1467.
ICS and CDARS offer a smart, secure, and convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility. With the ICS and CDARS services, 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 using the ICS demand option, money market deposit accounts using the ICS savings option, and/or interest-bearing certificates of deposit (CDs) using CDARS. Earn one interest rate for each ICS option, and one rate for each CD maturity with CDARS.
- Save time. Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement per service from us summarizing your account activity and balances. And, if you are accustomed to collateralization, eliminate the need to track collateral on an ongoing basis.
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions, like ours, that offer ICS and CDARS are members of a special Network. When we place your deposit through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
You can make unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).
Funds placed through ICS and CDARS are deposited only in FDIC-insured banks. We act as custodian for your ICS and/or CDARS deposits, and the subcustodian is Bank of New York Mellon (BNY Mellon). BNY Mellon is the largest custodian of funds in the world.
Institutions, like ours, that offer ICS and CDARS are members of a special network. Through ICS and CDARS, funds are placed with other 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.
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
*One interest rate per CD maturity when using CDARS.
Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC.
Important Information About Procedures For Opening A New Account.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account and each beneficial owner of an account.
What this means for you: When you open a personal account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. When you open a business account, we will ask for certain business documents and identifying information of each business owner.