WHAT IS ICS?
IntraFi Cash Services (ICS), is the easiest and most convenient way to access FDIC insurance on large deposits. With the ICS® service, you can access multi-million-dollar FDIC protection by working directly with just our bank.
Rest assured. Know that deposits well into the millions are eligible for FDIC insurance protection.
Earn interest. Put cash balances to work in demand deposit accounts and money market deposit accounts.
Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds. Forego the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.1
Manage liquidity. Enjoy access to funds placed into demand deposit accounts and money market deposit accounts.
Support your community. . Feel good knowing that the full amount of funds placed through ICS stays local to support lending opportunities that build a stronger community.2
How ICS Insurance works
The FDIC insures up to $250,000 in a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. When your funds are placed through ICS, they are divided into amounts under the standard FDIC maximum and placed with other institutions participating in IntraFi’s network—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated monthly account statement from us. (You can also see, online, where your funds are at all times.)
Contact us to learn more.
Disclosures
- 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 ICS or a particular ICS transaction, satisfies those restrictions.
- When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS, our bank can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.
Deposit placement through ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.
