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ICS for Banks
Use ICS®, the Insured Cash Sweep® service, to:
- attract and retain loyal, large-dollar relationships with or without keeping the full deposit amount on balance sheet;
- replace higher-cost funding (e.g., repo sweeps and letters of credit);
- attract stable funding;
- reduce ongoing collateralization and related tracking burdens;
- improve asset liquidity;
- lower the risk of collateral-value deterioration;
- sell funding for fee income or keep the full amount of customer deposits on balance sheets; and
- purchase funding at floating rates without collateralization or stock purchase requirements.
|Promontory Services||Other Services|
|Offer customers access to well over tens of millions of dollars in FDIC insurance for their deposits||✓||No|
|Provide the option to place funds in demand deposit accounts and/or money market deposit accounts||✓||No|
|Know that Promontory never has possession of customer funds and never competes with banks for any depositors||✓||No|
|Set the interest rate (even to zero if desired)||✓||No|
|Know that ICS is endorsed by the American Bankers Association’s (ABA’s) Corporation for American Banking, and a due diligence report is available from the ABA||✓||No|
|Understand that Promontory undergoes diligent vendor management reviews by thousands of financial institutions of various sizes||✓||No|
|Feel confident knowing that the service is brought to you by a trusted source - a company that maintains relationships with thousands, as opposed to hundreds, of banks||✓||No|
How does ICS compare to other alternatives?
|Product||Issue||The ICS Solution|
|Repo sweeps / Collateralized deposits||
|Letters of credit / Private insurance||
|Other deposit sweeps||
|Money market mutual fund sweeps / Short-term bond funds||
ICS also offers your bank time-saving features, including integration options through your bank’s core processor, an online Depositor Control Panel that tracks program withdrawals when using the ICS savings option, and programming that recognizes your customer’s existing CDARS placements and exclusions maintained by your bank.
ICS integration is available:
Placement of customer funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, that a participating institution's customer enters into with that institution. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.