ICS®- Insured Cash Sweep®
Through the ICS, or Insured Cash Sweep service, you can access multi-million-dollar FDIC protection on your savings deposits.
How can ICS benefit you?
Enjoy peace of mind. Feel good knowing your ICS 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 savings accounts (money market deposit accounts).
Access 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 Salisbury Bank.
What else should you know?
When we place funds for you both through CDARS® and through ICS under the same tax identification number, the ICS system is programmed to recognize the existing CDARS placements and exclusions maintained by us for you. Online tools allow you to verify that your funds are not being placed in institutions you have excluded. (Note that different tax identification numbers do not guarantee different insurable capacities.)
Through the same online tools, you can, among other things, check your money market deposit account balances and keep track of monthly program withdrawals. As always, your confidential information remains protected.
How does ICS work?
Use an existing, or set up a transaction account with Salisbury Bank, sign the agreements, and deposit funds.1
Working directly with just Salisbury Bank - a financial institution you already know and trust - you can receive coverage from many.
Learn More & Get Started
To learn more, call 860.596.2444 or visit one of our convenient banking offices and speak with one of our Customer Associates.
1 If you choose both the savings and demand options, you will need to have a separate transaction account for each option.
Placement of funds through the ICS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits and customer eligibility criteria apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the Salisbury Bank may exceed the SMDIA (e.g., before ICS settlement for a deposit or after ICS settlement for a withdrawal). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS satisfies those restrictions. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.