ICS - Insured Cash Sweeps - Security National Bank

Insured Cash Sweep (ICS)

Experience safety and convenience through a consolidated banking relationship. With ICS¹, insured by the Federal Deposit Insurance Corporation (FDIC), businesses gain access to efficient and secure multi-million-dollar FDIC protection on large deposits, alongside the potential to earn interest and maintain flexibility. All this is achieved through a single banking relationship—ideally with a trusted family-owned and operated bank you're already familiar with and rely on.

Benefits You’ll Love

Rest assured knowing that your funds are eligible for multi-million-dollar FDIC insurance protection that's backed by the full faith and credit of the federal government. ICS is not subject to floating net asset values, so you can feel secure knowing that market volatility will not negatively affect your principal.

Access Funds

With ICS, maintain access to your funds placed in demand deposit accounts or money market demand accounts.

Earn Interest

Put cash balances to work in demand deposit accounts and money market deposit accounts with ICS. Enjoy the convenience of banking directly with us and earning one interest rate per service option.

Save Time

Work directly with just us - a bank you know and trust - to access multi-million-dollar FDIC insurance, and forgo the need to use repo sweeps or to track collateral on an ongoing basis.²

^{Feel good knowing that the full amount of your funds placed through our ICS service stays local to support lending opportunities that build a stronger community.²}

Who Uses ICS Services?

ICS services may be right for your business if you want to:

Retain large-dollar relationships

Increase asset liquidity

Replace other costly funding options

Lower the risk of collateral-value deterioration

It is also an excellent program for businesses that want to work with a trusted bank while still receiving the benefits of working alongside a network of FDIC-protected financial institutions.

Learn More About ICS

When you have a large amount of cash you want to invest, you want to know that your funds are protected with FDIC insurance. The ICS program is the perfect solution. When your investment is broken down into amounts that stay below the FDIC limit and spread across multiple banks, you can accrue maximum interest while your money remains safe and secure. You can also withdraw your money when needed.

For more information about ICS or how your business can participate, contact a member of our team below!

FAQs

The FDIC insures up to $250,000 of a customer's deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions like ours that offer ICS are members of a special Network. When we place your deposit through the ICS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option) or both at multiple banks. As a result, you can access coverage from many institutions while working directly with one.

You can make unlimited program withdrawals of funds placed in ICS demand deposit accounts and up to six program withdrawals per month of funds placed in ICS money market deposit accounts.

Funds placed through ICS are deposited only in FDIC-insured institutions. We act as a custodian for your ICS deposits.

Through ICS, funds are placed with other IntraFi1 Network members, and those Network members provide you with access to additional FDIC insurance coverage on your deposits. Working directly with Security National Bank, you can access coverage through many.

You work directly with just us - the bank you know and trust. As always, your confidential information remains protected.

¹Security National Bank, Member FDIC. Deposit placement of funds through the ICS service is subject to the terms, conditions, fees, and disclosures in applicable agreements, including the Deposit Placement Agreement (“DPA”). For business accounts only. Limits apply, and customer eligibility criteria may apply. The ICS savings option limits program withdrawals to six per month. Although deposited 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 the placement of its funds, the depositor is responsible for determining whether its use of ICS satisfies those restrictions. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks of IntraFi Network LLC.

²When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the Promontory Network, a bank 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 depositors' consent, and if authorized under state law, a bank may choose to receive fee income instead of deposits from the banks. Under these circumstances, deposited funds would not be available for local lending.