Insured Cash Sweep
A great way to keep your large deposits safe!
With Insured Cash Sweep (ICSSM), 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 access:
- Safety. Your money can access multi-million dollar FDIC insurance coverage.
- Convenience. You work directly with us. You earn one interest rate and receive one regular statement, and one year-end tax form. Also, offers access to funds with up to six withdrawals per month.
- Community Investment. The full value of your money can support lending opportunities in your local community2.
- Assurance. ICS customers can manage their swept funds through accessing an online tool specially developed for ICS. You can, among other things, check your balances and keep track of monthly program withdrawals.
How Does ICS Work?
We are a member of a special network. When you place a large amount with us, we place your funds into other banks in the same network - in increments of less than $250,000 - so that both principal and interest are eligible for complete FDIC protection! As a result, you can receive coverage from many banks while working with just one.
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our Bank. As a result, we can make the full amount of your deposit available for community lending purposes2.
What Else Should I Know?
Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.
And with ICS, you can eliminate the need to monitor changing collateral values - another time saving convenience.
Of course, your confidential account information remains protected.
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.