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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.
  ICS Service Other Services
Brought to you by the company that leads the industry in FDIC-insured deposit allocation services No
Provide the option to place funds in demand deposit accounts and/or money market deposit accounts  ✓ No
Brought to you by a company that never competes with banks for any depositors and never has possession of customer funds  ✓ No
Offer the flexibility to set the interest rate (even to zero if desired)  ✓ No
Endorsed by the American Bankers Association (ABA) through its Corporation for American Banking subsidiary (due diligence report is available from the ABA)  ✓ No
Backed by a trusted source that is chosen by 3,000+ banks, as opposed to hundreds, and that undergoes diligent vendor management reviews by thousands of financial institutions of various sizes  ✓ No

How does ICS compare to other alternatives?

Product Issue The ICS Solution
Repo sweeps / Collateralized deposits
  • Eligible assets are required
  • Assets must be marked-to-market
  • Pledging requirements reduce asset liquidity
  • Cost and administrative burden affect profit potential
  • Access to FDIC insurance means no eligible assets are required
  • Reduce ongoing collateralization and tracking burdens
  • No pledging requirements mean improved asset liquidity
  • Improve margins by reducing collateral requirements
Letters of credit / Private insurance
  • Tend to be more expensive
  • Generally require collateralization
  • Take advantage of a significantly cheaper alternative
  • Reduce ongoing collateralization
Other deposit sweeps
  • Provider limits pricing choices
  • Provider may require bank to manually track withdrawals
  • Set the interest rate you offer
  • Customers can automatically track program withdrawals and other information online via the Depositor Control Panel
  • Work with a low-cost provider
  • Offers higher limits
Money market mutual fund sweeps / Short-term bond funds
  • There is nothing comparable to FDIC insurance for money market mutual funds or short-term bond funds
  • Deposit amount is taken off balance sheet
  • Offer access to multi-million-dollar protection that is backed by the full faith and credit of the federal government
  • Keep the full amount of customer funds on balance sheet or sell excess deposits for fee income

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:
ICS Integration

Read testimonials and case studies to learn more about how Network members and their customers are successfully using ICS.

For more information, please visit the ICS Frequently Asked Questions page or contact us.

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.