Frequently Asked Questions
Why ICS?

Would you like to access multi-million-dollar FDIC protection on your savings deposits? And earn interest at the same time? Now you can – through our new ICS service.1

With ICS, you can:

  • Earn interest. Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts).
  • Enjoy peace of mind. Feel good knowing that your ICS funds are eligible for protection that’s backed by the full faith and credit of the federal government.
  • Save time. Work directly with just our bank – a bank you know and trust.
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?

The FDIC generally insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Your ICS funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members – each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your funds are at all times.)

How often can I access my funds?

You can withdraw ICS funds up to six times per month.

Who has custody of my funds?

Funds placed through ICS are only deposited in FDIC-insured banks. We act as custodian for your ICS deposits, and the sub-custodian for ICS deposits is The Bank of New York Mellon, the largest custodian in the world with total assets of more than $25 trillion.2

Who provides the additional FDIC insurance when my funds are placed using ICS?

Through ICS, funds are placed in savings accounts (money market deposit accounts) with ICS Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just our bank, you can access coverage through many.

Is my account information safe?

You work directly with just us – the bank you know and trust. As always, your confidential information remains protected.

[1] Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, you enter into with us. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month.

[2] As reported by The Bank of New York Mellon in June 2011. Please see for details.