ICS (Insured Cash SweepSM)
What is ICS?
Would you like to access multi-million-dollar FDIC protection on your savings deposits? Earn interest at the same time? And be able to withdraw funds up to six times per month? Now you can – through our insured Cash Sweep service, known as ICS.
How can ICS benefit you?
Enjoy peace of mind. Feel good knowing that your funds are eligible for protection that’s backed by the full faith and credit of the federal government.
Earn Interest. Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts.)
Maintain access to funds. Withdraw ICS funds up to six times per month. Plus, make an unlimited number of program deposits as long as you stay within the program withdrawal limits.
Rest assured. Know that your money is always on deposit in regulated, FDIC-insured institutions and that you can see (online) where your funds are at all times.
Save time. Work directly with just one bank – us.
How does ICS work?
By working directly with TFB - the bank you know and trust – you can obtain protection through many other banks. Deposits are sent* to other banks in amounts below the standard FDIC insurance maximum, thus insuring all your money. Plus, you receive one monthly statement. It’s that simple.
* Based on triggering events as set forth I the ICS Deposit Placement Agreement you enter into with TFB.
Placement of your funds through ICS service is subject to the terms, conditions, and disclosures set for in the agreements, including the ICS Deposit Placement Agreement, that you enter into with us. Limits and customer eligibility criteria apply. Program withdraws are limited to six per month. ICS is a registered service mark of Promontory Interfinancial Network, LLC.
For more information ICS, please contact us.