Extend FDIC Coverage Beyond $250,000
With ICS®, the IntraFi Cash Service®, you can work directly with just our bank to access millions of dollars in aggregate FDIC insurance across network banks.
With ICS, you can:
- Rest assured. Know that deposits well into the millions are eligible for aggregate FDIC insurance protection across network banks. Market volatility will not negatively impact principal because deposit accounts are not subject to floating net asset values.
- Earn interest. Put cash balances to work. Interest may compare favorably to Treasuries.
- 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.
- 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 can stay local to support lending opportunities that build a stronger community.1
Frequently Asked Questions
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at each FDIC-insured depository institution. Banks that offer IntraFi's services are members of IntraFi’s network of financial institutions. When your funds are placed through the services, they are divided into amounts under the standard FDIC maximum of $250,000and placed with other network members—each an FDIC-insured institution. Your deposits are placed in a manner that makes them eligible for FDIC insurance at each member bank. By working directly with one network member, you can access insurance through many.
Who has custody of my funds?
Funds placed through ICS are deposited only at FDIC-insured institutions. We act as custodian for your deposits placed, and the Bank of New York Mellon acts as subcustodian.
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed in deposit accounts in amounts less than the FDIC insurance maximum at members of IntraFi’s network of financial institutions, and those network members provide you with access to the additional FDIC insurance coverage. Working directly with just one bank, you can access coverage through many FDIC-insured institutions.
Is my account information safe?
Your confidential information remains protected; your relationship remains between you and us.
1 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. Deposits that are placed through ICS at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using ICS are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. 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. IntraFi, ICS,and IntraFi Cash Service are registered service marks of IntraFi LLC.