ICS & CDARS
Support your community, and feel good knowing that the full amount of your funds placed through ICS® and/or CDARS® can stay local to support lending opportunities that build a stronger community.1
The Insured Cash Sweep® and Certificate of Deposit Account Registry Service® are smart, secure, and convenient ways to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS® demand option, money market deposit accounts using the ICS® savings option, or interest-bearing certificates of deposit (CDs) using CDARS®. Earn one interest rate for each ICS® option, and one rate for each CD with maturity with CDARS®.
Do more with ICS® and CDARS®
The ICS® demand option offers you the flexibility you need with unlimited program withdrawals. With the ICS® savings option, you can make up to six program withdrawals per month and benefit from a higher interest rate2,3. With CDARS®, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years.) You can rest assured knowing that your large deposits are eligible for protection that’s backed by the full faith and credit of the government.
Enjoy smart, secure and convenient ways to protect large deposits, earn a return and enjoy flexibility with ICS® and CDARS® solutions through MainStreet Bank.
1When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS® or CDARS® Network, the relationship institution can use the full amount of a deposit placed through ICS® or CDARS® 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. Placement of funds through the ICS® or CDARS® service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS® savings option, program withdrawals are limited to six per month. 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® or CDARS® settlement for a deposit or after ICS® or CDARS® 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® or CDARS® satisfies those restrictions. ICS®, Insured Cash Sweep®, and CDARS® are registered service marks of Promontory Interfinancial Network, LLC. 2 Review our Personal Annual Percentage Yeilds (APY) for all interest bearing personal accounts. 3 Review our Business Annual Percentage Yeilds (APY) for all interest bearing business accounts.