Insured Cash Sweep
Safety. Return. Freedom.
- 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.
- Earn interest
Put excess cash balances to work in demand accounts, money market deposit accounts or both.
- Save time
By providing access to FDIC insurance through a single bank relationship, ICS can help your organization to comply with investment policy mandates and avoid the hassles associated with ongoing collateral-tracking.
- Access funds
Enjoy unlimited program withdrawals using the ICS demand option or up to six program withdrawals per month using the ICS savings option.
- 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.*
- Simply put, with ICS, you can have it all.
- Enjoy peace of mind
How does ICS® work?
Through ICS®, the Insured Cash Sweep® service, many government depositors can access multi-million-dollar FDIC insurance on funds placed into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both.
Work directly with just us―an institution you already know and trust―to access coverage from many, receive just one regular statement, and know that your confidential information remains protected. Your organization has or sets up a transaction account with our bank, signs the agreements, and deposits funds.**
Deposits are sent to deposit accounts at other member institutions in amounts under the standard FDIC insurance maximum of $250,000.
** If you choose both the savings and demand options, you will need to have a separate transaction account for each.
FICA® | For Banks
Expanded FDIC-Insurance For Large Bank Balances
Looking for a safe and secure place to deposit your funds?
- Account Benefits
- Millions of FDIC protection (see brochure)
- Competitive yield
- Convenience of working with your bank
- Easy access to your funds, next day liquidity (6 transactions per statement cycle – see brochure)
- Interest accrued daily, posted monthly
- No setup or maintenance fees
- No need for collateralization or surety bonds (for public funds)
- Single, consolidated statement
Why you should consider FICA® | For Banks
Through FICA® | For Banks, large deposits are fully insured by the FDIC, giving you the confidence and security you need with the convenience and service of your bank.
Previously, getting the safety of the FDIC insurance on your large balance account was a complex and time-consuming process that consisted of opening multiple accounts, with multiple banks.
FICA® | For Banks is a liquid, FDIC-insured deposit account for large cash balances. As a FICA® | For Banks account holder, your funds will be placed into a network of well-capitalized, FDIC-insured financial institutions in increments of less than $250,000 so that both the principal and interest receive complete FDIC-protection.
As an account holder, you’ll also enjoy the convenience of a single account at your bank and have peace of mind knowing your large deposits are safe and earning a competitive rate with less time spent by you.
How It Works
FICA® | For Banks Planters Bank U.S. Bank Custodian Program Banks