Maxed Out Your FDIC Insurance? Stop Playing Chess With Your Funds.
CSB has the Solution!
Why Choose Insured Cash Sweep?
Simply put, with the Insured Cash Sweep®, or ICS®, service, you can have it all. Using ICS, you canplace your funds into demand deposit accounts.
• Your ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States government
• Earn returns by putting your money to work for you
• Enjoy unlimited program withdrawals
• Support your community by keeping the full amount of your deposit in your local Community State Bank.1
• Eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements.
What Else Do You Need to Know?
You receive a regular monthly statement from us showing your ICS balances and other key information. You can check your ICS balances and track other important information of interest to you online, 24/7, through a specially designed Depositor Control Panel. Your confidentialinformation remains protected.
How Does the ICS Sweep Account Work?
When our bank places your funds using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below $250,000, the standard FDIC insurance maximum. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us. It’s that simple.
Constantly moving your financial chess pieces? Call Community State Bank at (515) 331-3100.
[1] When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS Network, a participating institution can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent to certain types of ICS transactions, the bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.
Placement of funds through the ICS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits and customer eligibility criteria apply. Unlimited program withdrawals are available with ICS only when using the ICS demand option. 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 settlement for a deposit or after ICS 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 satisfies those restrictions. ICS, Insured Cash Sweep, and A Sweep You Can Bank On are registered service marks of Promontory Interfinancial Network, LLC.