Access FDIC Insurance on Deposits over $250,000
With ICS® or CDARS®, you can structure your deposits to enjoy FDIC- protection on all your deposits through a bank you know and trust.
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Peace of MindHow can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 in a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. When your funds are placed through ICS and CDARS, they are divided into amounts under the standard FDIC maximum and placed with other institutions participating in IntraFi's network—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your funds are at all times.)
How often can I access my ICS funds?
You can withdraw ICS funds up to six times per month.
Who has custody of my funds?
- ICS - Funds placed through ICS are deposited only in FDIC-insured institutions. We act as custodian for your ICS deposits, and the Bank of New York Mellon acts as sub custodian for the deposits.
- CDARS - Funds placed through CDARS are deposited only into FDIC-insured banks. We act as custodian for your CDARS deposits, and the sub-custodian for CDARS deposits is the Bank of New York Mellon (BNY Mellon). Unique to CDARS, you as a depositor can obtain a confirmation of records maintained by BNY Mellon as sub-custodian to reconcile those records with the statements received from us. At any time, as often as desired, you as a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of your CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS. You can submit a request for the certified statement, along with BNY Mellon’s processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party designated by you, such as an auditor .
How can my funds be used locally if my CDs are issued by financial institutions across the country?
When we exchange deposits with other institutions that use CDARS on a dollar-for-dollar basis, the same amount of funds placed through the network returns to us. As a result, the total amount of your original deposit can remain with our bank and be used for local lending. (CDARS Reciprocal transactions only).
What happens if a CDARS institution that holds my deposit fails?
Most of the banks that have failed in the United States in recent years did not use CDARS or did not hold any CDARS deposits when they failed. When a CDARS institution has failed, the bank’s CDs issued using CDARS in most cases have been transferred to a healthy institution—the FDIC’s preferred method for handling bank failures. In cases where the FDIC has been unable to find a healthy institution willing to accept such a transfer, it has arranged for the payment of the insured principal and accrued interest to the depositors. This payment has usually occurred within a matter of days.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
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*Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank).
The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.