CDARS and ICS
Enjoy The Piece of Mind and Convenience
With CDARS/ICS, you can receive up to $50 million in FDIC protection through First Service Bank with CDARS and $150 million with ICS. There are few guarantees in life – FDIC insurance is one of them. CDARS and ICS are valuable cash management investment tools for your business.
Why CDARS (Certificate of Deposit Account Registry Service)?
With help from CDARS, you can access:
Safety
Your money can receive up to $50 million in FDIC insurance coverage.
Convenience
You work directly with us. You earn one interest rate and receive one regular statement. Individual investors receive one year-end tax form.
Community Investment
The full value of your money can support lending opportunities in your local community.
CD-Level Rates
Your money earns CD-level returns which may compare favorably with other investment alternatives, including treasuries, corporate sweep accounts, and money market funds.
Why ICS (Insured Cash Sweep)?
With ICS you can:
Enjoy Peace of Mind
ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States Government.
Earn Interest
Put excess cash balances to work for you.
Save Time
ICS can ensure your funds are completely collateralized that complies with investment policy mandates.
Access Funds
Enjoy daily liquidity in your transaction account at our bank.
Support Your Community
Feel good knowing that the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.
How does CDARS/ICS work?
IntraFi Network offers the Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) to banks, which allow depositors to get access to multi-million-dollar FDIC insurance. The thousands of Participating Institutions that offer CDARS or ICS comprise the IntraFi Network. With CDARS and ICS, IntraFi Network members can offer their customers convenient ways to earn interest and access multi-million-dollar FDIC insurance through a single bank relationship and then keep or sell the underlying funding based on their balance sheet/liquidity management needs.Â
The CDARS and ICS services are designed for ease of use. When using CDARS or ICS, deposits are divided into amounts under the standard FDIC insurance maximum and are allocated among other Network members. Deposits are placed in demand deposit accounts when using the ICS demand option, money market deposit accounts when using the ICS savings option, or CDs when using CDARS. Thus, a customer can access FDIC insurance from many institutions while working directly with just one and receiving just one regular, consolidated statement per service utilized.
What else should I know?
Simplified Banking
- Manage all your funds in one place, eliminating the need for multiple bank relationships.
Streamlined Administration
- One interest rate across accounts.
- Consolidated monthly statements for easier financial reporting.
- No need to track or organize interest disbursements from multiple sources.
Tailored Benefits
- Some benefits apply to specific CDARS/ICS transactions. Let us know your priorities, and we’ll provide detailed explanations tailored to your needs.
Time-Saving Convenience
- No need to monitor changing collateral values.
- Reduced administrative burden during tax and financial reporting seasons.
Confidentiality Guaranteed
- Personal account information is protected, and other banks in the network will not have access to your data.
Agreement Required:
- Funds are placed only after signing the CDARS/ICS Deposit Placement Agreement, which outlines important terms and conditions.
For more information, contact us to learn how CDARS/ICS can simplify and enhance your banking experience.
