Insured Cash Sweep
A great way to keep your large deposits safe!
With the Insured Cash Sweep®, or ICS® service, you can access FDIC protection on multi-million dollar deposits through Katahdin Trust Company. There are few guarantees in life - FDIC insurance is one of them. ICS can be a valuable cash management or longer-term investment tool for you1.
It's one-stop shopping. With help from ICS, you can:
- Enjoy Peace of Mind knowing your ICS funds are eligible for multi-million-dollar FDIC insurance, protection that's backed by the full faith and credit of the United States government.
- Earn Interest on ICS funds placed into demand deposit accounts using the demand option or money market deposit accounts using the savings option.
- Access Funds through unlimited program withdrawals (using the ICS demand option) or up to six program withdrawals per month (using the ICS savings option).
- Community Investment. The full value of your money can support lending opportunities in your local community2.
How Does ICS Work?
If you have deposits at a single bank in a single ownership capacity, then you have access to only $250,000 in FDIC insurance at that bank.
But with ICS, the Insured Cash Sweep service, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS.
Financial Institutions that offer the Insured Cash Sweep service are members of a unique network - the ICS Network. Everything is handled through an ICS Network member of your choice. When you place a large deposit with an ICS Network member, that institution uses the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions.
What Else Should I Know?
You receive a regular monthly statement from us for each ICS option showing your ICS balances and other key information. And you can check your ICS balances and track other important information of interest to you, 24/7, through a specially designed Depositor Control Panel.
Your confidential information remains protected.
ICS can eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements if you are accustomed to these practices.
It's a great solution for: individuals | businesses | nonprofit organizations | public funds | managers | trustees | financial advisors | IRAs
Ask us about how ICS can work for you the next time you visit one of our branches, or email firstname.lastname@example.org for more information.