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    Insured Cash Sweep

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    ICS®, the Insured Cash Sweep® service, is a trusted, tested service utilized by financial institutions across the nation. It helps financial institutions to grow franchise value and increase profitability by attracting locally based customer deposits, lowering funding costs, and reducing collateralization burdens. Financial institutions that use ICS benefit from the Promontory Network advantage and the confidence of knowing that ICS is endorsed by the American Bankers Association and enjoys strategic marketing alliances with key trade associations across the country.

    With ICS, Promontory Network members can offer customers numerous benefits, including access to multi-million-dollar FDIC insurance through a single relationship.


    When a customer submits a large deposit to a Promontory Network member for placement through ICS, that institution places the funds into deposit accounts at FDIC-insured banks that are also members of the ICS Network.

    This occurs in increments below the standard FDIC insurance maximum ($250,000) so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, the customer can receive coverage from many. Meanwhile, the financial institution gets a deposit that it can use to fund local lending or, if it wants to assist the customer but does not need additional deposits, the institution can sell the underlying funding (not the customer relationship) to banks that do need funding. In this way, everybody wins.

    Customer funds are placed into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both. Financial institutions that offer ICS set the rate and maintain complete ownership of the customer relationship.

    How ICS Works graphic depicts a customer who has or sets up a transaction account with a Promontory Network member, signs the agreements, and deposits funds. Deposits are then sent to deposit accounts at other member institutions in amounts under the standard FDIC insurance maximum of $250,000. The customer communicates directly with just one institution and receives one monthly statement.

    ICS for Banks ICS for Brokerage Firms ICS for Cash Managers

    [1] If the customer chooses to use both the ICS savings option and the ICS demand option, the customer will need a separate transaction account for each option.

    [2] Based on triggering events as set forth in the ICS Deposit Placement Agreement the depositor enters into with an ICS Network member bank. Funds are sent to money market deposit accounts when using the ICS savings option and to demand deposit accounts when using the ICS demand option.

    For frequently asked questions about ICS, visit ICS FAQs.

    Use of the ICS service is subject to the terms, conditions, and disclosures set forth in the CDARS-ICS Participating Agreement and the applicable Deposit Placement Agreement. 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.