ICS - Insured Cash Sweep
ICS is a smart, secure, and convenient way to invest your large savings deposits.*
With the ICS service, you can:
- Earn interest. Put excess cash balances to work in savings accounts (money market deposit accounts).
- Enjoy peace of mind. Feel good knowing your ICS funds are eligible for FDIC insurance. Your ICS funds are eligible for protection that's backed by the full faith and credit of the United States government. No depositor has ever lost a penny of FDIC-insured funds.
- Access funds. Withdraw ICS funds up to six times per month.
| Product | Problem | Solution |
|---|---|---|
| Noninterest-bearing checking accounts | Are eligible for unlimited FDIC coverage through 2012 under the Dodd-Frank Act, but do not earn interest | You do not have to choose between earning a return and enjoying peace of mind; funds are placed in money market deposit accounts that earn interest plus are eligible for multi-million-dollar FDIC insurance, which is backed by the full faith and credit of the federal government |
| Interest-bearing checking accounts | Earn interest, but funds are insured only up to $250,000 per insured capacity per bank | See above |
| Repurchase sweeps | May earn interest, but the yield can be very low; the process carries administrative tracking burdens; and the investment is not backed by the FDIC insurance | See above |
| Collateralized deposits | Administrative tracking problem can be more onerous than with repo sweeps, and only certain types of deposits can be collateralized | See above |
| Money market mutual funds | Earn interest, but the yield may be very low and the investment is not backed by the full faith and credit of the federal government | See above |
Who can benefit from ICS?
Businesses, nonprofits, and other large-dollar depositors can place funds through ICS. Contact us and safely put your money to work!
*Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement with County National Bank. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month.
