Frequently Asked Questions
Would you like to access multi-million-dollar FDIC protection on your deposits, earn interest, and enjoy flexibility at the same time? Now you can – through ICS, the Insured Cash Sweep® service.1
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 an FDIC-insured depository institution. Your ICS funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members – 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.)
How often can I access my funds?
You can make unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option
Who has custody of my funds?
Funds placed through ICS are deposited only in FDIC-insured banks. We act as custodian for your ICS deposits, and the subcustodian for ICS deposits is The Bank of New York Mellon (BNY Mellon), the largest custodian in the world.2
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed with other ICS Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just our bank, you can access coverage through many.
Is my account information safe?
You work directly with just us – the bank you know and trust. As always, your confidential information remains protected.
It's our privilege to serve you. Please contact our Treasury Management team for more information.
 Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements you enter into with us, including the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option,  Please see http://www.bnymellon.com/about/index.html for details. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.