ICS, Insured Cash Sweep, CDARS, and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC. Does your account balance exceed 250,000 Insurance Cash Sweep (ICS) is an automated, flexible and convenient deposit solution that allows you to earn. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). Investment Sweep - Transfers checking account balances in excess of your specified target balance into an investment instrument that earns a competitive. 24/7 access Your ICS balance is accessible on Online Banking and available for withdrawal or transfer per the Deposit Placement Agreement (DPA). In the ICS savings option, program withdrawals are limited to six per month. Cash swept into deposit accounts through bank sweep programs is covered by FDIC insurance up to the 250,000 limit per customer at each FDIC-Insured bank that participates in the bank sweep program. This allows you to consolidate funds and reduce expenses. Now you canthrough ICS®, the Insured Cash Sweep® service. The standard insurance amount is 250,000 per depositor ( i.e., per brokerage customer), per insured bank, for each account ownership category. When you sign a Deposit Placement Agreement with. Limits apply and customer eligibility criteria may apply. With this service, you have the ability to sweep excess funds into another account of your choosing. What is an insured cash sweep account Insured by the Federal Deposit Insurance Corporation, Insured Cash Sweep (ICS) is a service that allows you to secure large deposits while still maintaining access to your funds. With Insured Cash Sweep (ICS) and a Jumbo Deposit account, multi-million-dollar FDIC coverage is available. Placement of funds through the ICS® or CDARS® service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”).
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