How ICS® Works

If you have deposits at a single bank in a single ownership capacity, then you have access to only $250,000 in FDIC insurance at that bank.

But with ICS, the Insured Cash Sweep® service, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS.

Financial institutions that offer Insured Cash Sweep are members of a unique network – the ICS Network. Everything is handled through an ICS Network member of your choice. When you place a large deposit with an ICS Network member, that institution uses the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions.

The placement of your funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can access insurance coverage from many. And, you receive just one regular, monthly account statement for each service option.

When you’re ready to take advantage of Insured Cash Sweep, here’s what happens:

You sign an ICS Deposit Placement Agreement and a custodial agreement with a member of the ICS Network (a relationship institution).

You identify an existing transaction account (or set up a new one) to be used with each ICS option.

Your funds are placed into deposit accounts with other members of the ICS Network in accordance with the Deposit Placement Agreement.

You can check balances and see where your funds are at all times using an online tool specially developed for Insured Cash Sweep.

You receive consolidated interest payments and statements for each service option through your relationship institution.

You can find a bank that offers the Insured Cash Sweep service by state or by name on the Institution Locator page.

For more information, watch the How ICS Works video.

For general information, please check our FAQ page.

Placement of customer funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements that a participating institution’s customer enters into with that institution, including the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.
How ICS Works