Why ICS article
From ICBA Services You Can Trust January issue
Through Promontory’s new ICS (or Insured Cash Sweep) service, banks can offer their customers a savings product that earns money-market-deposit-account interest rates and provides access to multi-million-dollar FDIC insurance.
ICS, which can replace higher-cost funding options, offers true reciprocal funding and gives participating banks the flexibility to set the rates they offer. ICS can also help banks of various sizes to compete head-on with even the largest financial institutions for money market mutual fund monies, as well as increase asset liquidity by reducing ongoing collateralization burdens.
All of this makes ICS the right service for your bank and your customers.
Use of the ICS service is subject to the terms, conditions, and disclosures set forth in the ICS agreements, including the ICS Participating Institution Agreement and the ICS Deposit Placement Agreement. Limits and member eligibility criteria apply. Program withdrawals are limited to six per month.