ICS® and CDARS®
Why ICS and CDARS?
Would you like to access multi-million-dollar FDIC protection on your deposits? You can on deposits placed in demand deposit accounts and money market deposit accounts through ICS®, the IntraFi Cash Service®, and in CDs through CDARS®, the Certificate of Deposit Account Registry Service®—both offered at Plains Commerce Bank.
The ICS and CDARS services are smart, secure, and convenient ways to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility.
With ICS and CDARS, 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 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 maturity with CDARS.
- Save time. Work directly with just Plains Commerce—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement per service from us summarizing your account activity and balances. And, if you are accustomed to collateralization, eliminate the need to track collateral on an ongoing basis.
- Access funds. Make unlimited withdrawals using the ICS demand option. With CDARS, select from a range of maturities.
Support your community. 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
Protecting your deposits while earning a return - now that’s smart.
How often can I access my funds?
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
Is my account information safe?
When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank 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 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 ICS and CDARS is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through ICS and CDARS at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using ICS and CDARS are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS and CDARS satisfies any restrictions on its deposits. ICS, IntraFi Cash Service, and CDARS are registered service marks of IntraFi LLC.