How ICS® Works
To take advantage of Insured Cash Sweep®, you work directly with just one bank.
1 If you choose both the savings and demand options, you will need to have a separate transaction account for each.
2 Deposits are sent to demand deposit accounts with the demand option and to money market deposit accounts with the
savings option. The standard FDIC insurance maximum is $250,000 per insured capacity, per bank.
By using Insured Cash Sweep to “sweep” your excess cash balances from a transaction account at your bank into deposit accounts at other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000), your large cash deposits are eligible for FDIC protection. As a result, you can access FDIC insurance coverage from many institutions while working directly with just one bank – an institution you already know and trust.
* Demand option has unlimited program withdrawals. Savings option has up to six program withdrawals per month.