ICS®, the Insured Cash Sweep® service, is a smart, secure and convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits, earn a return, and enjoy flexibility.
With ICS, you can:
- Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts using the ICS savings option.
- Save time. Work directly with just Legend Bank – a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
- Access funds. Enjoy unlimited withdrawals using the ICS demand option, or make up to six program withdrawals per month using the ICS savings option. Your funds can be placed using either or both ICS options to best match your cash management and liquidity needs.
That’s smart. It's our privilege to serve you. Please contact our Treasury Management team for more information.
Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements you enter into with us, including the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option. Insured Cash Sweep and ICS are registered service marks of Promontory Interfinancial Network, LLC.