Insured Cash Sweep® and CDARS® offer more financial security—more latitude to pursue your dreams.
Each offers access to FDIC insurance for large deposits—tens of millions—placed through a single bank or brokerage relationship. With ICS®, your deposits can be placed into demand deposit accounts, money market deposit accounts, or both. With CDARS, your deposits are placed into CDs.
Financial institutions that offer Insured Cash Sweep and CDARS are members of the ICS® Network and the CDARS Network. When you submit a request to your financial institution to place your funds using Insured Cash Sweep or CDARS, those funds are divided into amounts under the standard FDIC insurance maximum of $250,000 and placed into deposit accounts at other ICS Network or CDARS Network banks. By working directly with just one participating institution, you can access FDIC coverage from many and enjoy the simplicity of receiving just one regular statement per service.
Thousands of financial institutions across the nation—from small, local banks to the nation’s largest banks, wealth managers, and brokerage firms—offer Insured Cash Sweep and CDARS. Contact one to learn more.
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”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. 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). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. 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. ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC.