![]() By providing increased FDIC insurance coverage these accounts can offer a safe and effective way for individuals and businesses to manage their cash reserves. Overall, ICS deposit accounts are an important tool for those looking to protect their savings on their deposits. Insured Cash Sweep® (ICS) Secure large deposits in FDIC-insured, interest-earning accounts while still maintaining access to your funds. ![]() ![]() One statement You receive a combined month-end statement listing the placement of your funds. In addition, you receive access to view the ICS Depositor Control Panel which outlines fund placement. First time here Watch the video to learn how to register, or click Register to get started. 24/7 access Your ICS balance is accessible on Online Banking and available for withdrawal or transfer per the Deposit Placement Agreement (DPA). This is especially important for those with large amounts of cash on hand, as the standard $250,000 FDIC insurance limit may not be enough to cover all their deposits. The IntraFi hexagon and IntraFi logo are service marks, and IntraFi, ICS, and CDARS are registered service marks, of IntraFi Network LLC. The FDIC insurance coverage provided by these accounts helps to mitigate risk by protecting depositors from the loss of their deposits in the event of a bank failure. How ICS Works (DDA & MMDA) Amerant Bank has partnered with IntraFi to provide Insured Cash Sweep accounts to our customers. Manually move 25,000 to Intrafi before their cut-off time to sync the Sweep Balance with Intrafi. Intrafi Balance 525,000 (matches NuPoint Sweep account balance) d. The importance of ICS deposit accounts lies in their ability to provide a safe and secure way for depositors to protect their savings. DDA Account Balance 50,000 (equal to the DDA Sweep Target) c. These accounts are typically offered by banks and allow depositors to have their funds swept into multiple accounts at different banks, while still being covered by FDIC insurance. With the Insured Cash Sweep service, we have access to a unique network, and can place your funds in to demand deposit accounts, money market accounts or both. Considering the most recent bank failure this past Friday, I want to share information on ICS (Insured Cash Sweep) deposit accounts. ICS account is a type of bank account that allows depositors to access FDIC insurance on deposits that exceed the standard $250,000 limit. Enjoy access to funds placed through ICS into demand deposit accounts and money market deposit accounts. ICS, the Insured Cash Sweep service is a smart, convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits. ![]()
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