Once deposited, your local bank will divide the funds into amounts up to $250,000, the standard FDIC maximum. With ICS you can deposit the entire sum with a bank you already know, trust and frequent, such as Central Bank. You don’t want to risk losing money in the stock market, but you do want the opportunity to earn interest. Let’s say you have a million-dollar sum you’d like to deposit. Here, we’ve pulled together queries we regularly receive regarding the Insured Cash Sweep (ICS) process and sweep accounts on the whole. The saying goes that knowledge is power, and that’s especially true as it relates to your financial wellbeing.
#SWEEP ACCOUNT DEFINITION HOW TO#
Read on for answers to common questions surrounding ICS, insights into its various benefits and how to get started.Īnswers to Your Frequently Asked Sweep Account Questions Now that we’ve covered the “what” of Insured Cash Sweep, let’s get into the finer details.
This means that, although your funds are divided among different financial institutions, the total amount you deposit with Insured Cash Sweep goes to your primary bank for local lending. As an added bonus, ICS Network member banks reciprocate deposit amounts.
You enjoy FDIC insurance on large balances while maintaining access to your money - and still earning interest. financial institutions, Insured Cash Sweep® allows you to maintain your current local banking relationships while enjoying the peace of mind that comes with multi-million-dollar FDIC insurance. For instance, Insured Cash Sweep® (ICS) is a useful option for anyone who prefers doing business with their hometown bank.Īdministered by IntraFi (formerly known as Promontory Interfinancial Network), a trusted partner of more than 3,000 U.S. At Central Bank we think it’s important to not just place minds at ease, but to explain the specific tools and resources available to keep your money protected. As discussions surrounding recent - and potential future - bank failures continue making headlines across media outlets, people everywhere find themselves wondering whether their hard-earned money is in safe hands.
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