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HOW ICS & CDARS WORK
ICS®, the IntraFi Cash ServiceSM, is a smart, convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility.
With the ICS® service, you can:
- Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
- Earn interest. Put excess cash balances to work by placing funds into CDARs (Certificates of Deposit) accounts, money market deposit accounts, or both.
- Save time. Work directly with just American Bank of Commerce—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
- Access funds. Funds can be placed into money market deposit accounts or certificates of deposit. Funds can be placed in one or both types of deposit accounts to best match your cash management and liquidity needs.
Bank Safe, Bank Smart®.
Frequently Asked Questions
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 in a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. When your funds are placed through CDARS or ICS® (money market accounts), they are divided into amounts under the standard FDIC maximum and placed with other institutions participating in IntraFi's network—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your ICS®/Money Market funds are at all times.)
What is the difference between CDARS and ICS®?
With ICS®, your funds are placed into money market deposit accounts.
With CDARS, funds are placed into CDs.
How often can I access my funds?
You can withdraw ICS® (money market accounts) funds up to six times per month.
How can I tell how many withdrawals I’ve made/have left in a given month?
As an ICS® (money market account) customer, you have access to the Depositor Control Panel, which shows how many withdrawals and/or deposits you have made to/from your ICS® (money market account) during a given month.
Who has custody of my funds?
Funds placed through CDARS/ICS® are deposited only in FDIC-insured institutions. We act as custodian for your CDARS/ICS® deposits, and BNY Mellon acts as subcustodian for the deposits.
Who provides the additional FDIC insurance when my funds are placed using CDARS/ICS®?
Through CDARS/ICS®, funds are placed with other institutions participating in IntraFi's network, and those Network members provide you with access to FDIC insurance coverage on deposits at those banks. Working directly with just our bank, you can access coverage through many.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
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.