Billions of Depositor Dollars Protected
Depositors seek safety, returns, and liquidity
Whether depositors are looking to secure large-dollar deposits, maintain access to funds, earn a return, or all of these, Promontory Interfinancial Network services offer financial institutions options to serve depositors’ needs. Across the United States, depositors choose services created by Promontory Interfinancial Network and offered through local financial institutions they know and trust to make their funds work harder.
Bank Safe, Bank Smart®
ICS®, the Insured Cash Sweep® service, and CDARS®, the Certificate of Deposit Account Registry Service®, are smart, convenient ways for depositors to safeguard their large deposits placed into demand deposit accounts (through ICS), money market deposit accounts (also through ICS), or CDs (through CDARS). Businesses; nonprofits; and other large-dollar, safety-conscious depositors regularly place funds through ICS and CDARS.
With ICS and CDARS, depositors can
- Enjoy peace of mind knowing their funds are eligible for multi-million-dollar FDIC insurance
- Earn interest
- Save time by working directly with a single financial institution (a depositor’s bank, broker, trust company, or other financial institution that is a Promontory Network member)
- Select demand deposit accounts, money market deposit accounts, and CD terms to match their cash management needs
- Know the full amount of their deposit can be used to make loans locally1 or in an underserved community
Read testimonials to learn more about how depositors are benefiting from using ICS and CDARS. Discover how socially responsible investors use Promontory Interfinancial Services to help make communities economically stronger and healthier.
Depositors interested in ICS and CDARS can learn more, including how to find a bank that offers these services, at the following websites:
 When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the Promontory Network, a Network member can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent to certain types of ICS and CDARS transactions, a Network member may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.
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 Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.