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 Insured Cash Sweep® service, and in CDs through CDARS—both offered at Plains Commerce Bank.

The ICS (Insured Cash Sweep)® and CDARS (Certificate of Deposit Account Registry Service) 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 or up to six program withdrawals per month using the ICS savings 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?

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Contact one of our bankers to learn more.

Contact us or call 877.227.7548

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When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS or CDARS Network, Plains Commerce 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 your 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 your 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 institutions in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), your balances at Plains Commerce Bank 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. As stated in the DPA, you are responsible for making any necessary arrangements to protect such balances consistent with applicable law. If you are subject to restrictions on placement of its funds, you are 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. In the CDARS option, a substantial penalty may be imposed for early withdrawal. Please consult your financial advisor.

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