Our Services for Depositors

Promontory Interfinancial Network is the #1 provider of FDIC-insured deposit sweep services. Its deposit placement services include Insured Cash Sweep®, CDARS®, and Yankee Sweep®. Consistent with its mission, the company does not compete with banks. In line with this, the company does not offer services directly to depositors. Instead, it provides services to financial institutions (enabling them to offer their customers a wider array of options) and helps participating financial institutions to connect with end customers through advertising designed to drive interested parties to websites where they can learn more and search for a local bank that offers the service(s) of interest.

Offered through participating financial institutions (ICS and CDARS Network members), ICS and CDARS enable depositors to have the peace of mind associated with access to multi-million-dollar FDIC insurance, while working directly with just one bank or brokerage firm. No one has ever lost a penny of FDIC-insured funds.

Yankee Sweep enables large-dollar depositors the opportunity to place their deposits at U.S. branches of non-U.S. banking organizations. Although these deposits are uninsured, they can earn a return and are placed with U.S. branches of foreign banks that are chartered by a state or federal Office of the Comptroller of the Currency and are subject to Federal Reserve Board regulation.

Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may 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 relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). 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 or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, CDARS, and Yankee Sweep are registered service marks of Promontory Interfinancial Network, LLC.