Secure Your Funds with Confidence
Discover the Benefits of Insured Cash Sweep®
How do ICS and CDARS work?
Institutions, like MainStreet Bank, that offer ICS and CDARS are members of the IntraFi network. When we place your funds through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS), or in CDs (using CDARS), at multiple banks. As a result, you can access coverage from many institutions while working directly with just us! The full balance of your funds remains accessible on a daily basis, and you receive one monthly statement from MainStreet Bank for each service in which you participate.
Enjoy peace of mind
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. And ICS and CDARS are not subject to floating net asset values, so you can feel secure knowing that market volatility will not negatively affect your principal balance.
Earn interest
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. And ICS and CDARS are not subject to floating net asset values, so you can feel secure knowing that market volatility will not negatively affect your principal balance.
Why Choose Insured Cash Sweep?
With the Insured Cash Sweep (ICS) and Certificate of Deposit Account Registry Service (CDARS) services, you can enjoy the safety and simplicity that comes with access to multi-million-dollar FDIC insurance through a single MainStreet Bank relationship. You can choose the service or combination of services that can offer the returns and access to funds you seek.
One Bank
Access multi-million-dollar FDIC insurance for funds placed into CDs by working directly with just us––a bank you know and trust.
One Rate
Earn one rate for each CD maturity and enjoy the option of reinvesting funds through a simple process. Rates may compare favorably to Treasuries.
One Statement
Receive one easy-to-read statement from us summarizing your holdings in IntraFi Network Deposits.
Smart Investing
With access to multi-million-dollar FDIC insurance, you can eliminate ongoing collateral tracking and avoid the hassle of opening accounts at different banks or in different insurable capacities, as well as the need to manually consolidate account statements and interest disbursements on a recurring basis. This reduces administrative burdens, especially during tax and financial reporting seasons, and frees up valuable time. So, you can skip extra paperwork while enjoying the peace of mind associated with access to multi-million-dollar FDIC insurance.
Current Insurance Limits for Assets
Your company can place up to $265 million in the program per TIN/EIN, using a combination of different products. Here's the breakdown:
IntraFi DDA (Demand Deposit Accounts): Up to $180 million per TIN
IntraFi MMDA (Money Market Deposit Accounts): Up to $130 million per TIN
CDAR (Certificate of Deposit Accounts Registry Service): Up to $40 million per TIN
Overall total: $265MM
Mirabbos Xamidov,
SVP Senior Business Banker
Contact Mirabbos Xamidov
540-257-4183
mxamidov@mstreetbank.com
When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS, our bank can use the full amount of a deposit place through ICS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending. 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.