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?
You can make unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option. With CDARS, select from a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions, like ours, that offer ICS and CDARS are members of a special Network. When we place your deposit through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.