ICS for Public Funds
As a manager of public funds, you work to keep monies for local governments, schools, police departments, public hospitals, roads, public utilities, and other public entities safe. This work does not come without challenges.
Through the ICS®, or Insured Cash Sweep®, service, you can place public funds into interest-bearing demand deposit accounts (using the ICS demand option) and/or money market deposit accounts (using the ICS savings option) that are eligible for FDIC insurance (which can eliminate ongoing collateral-tracking burdens and having uninsured funds to footnote in financial statements). And Insured Cash Sweep makes it easier than ever for you to earn a return while protecting the public’s vital resources.
Infographic: Usage by State
If you are a depositor of public funds and want to use the Insured Cash Sweep service...
The law of your state must permit the use of services such as ICS for deposits of public funds. Search for your state below to see if ICS is enabled for public funds. Select a state to see the state specific law enabling ICS for deposits (where applicable) and a list of banks that offer ICS.
ICS demand & savings options enabled for public funds
Only ICS savings option enabled for public funds
ICS not yet enabled for public funds
If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through Insured Cash Sweep, or a particular ICS transaction, satisfies those restrictions.
View this short video to learn how public fund managers can benefit from CDARS and the ICS service.