Frequently Asked Questions
Why use ICS?
With ICS, the IntraFi Cash Service®, you can enjoy the safety and simplicity that comes with access to millions of dollars in aggregate FDIC insurance across network banks. You can choose to place your funds in demand deposit accounts, money market deposit accounts, or both.
A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage.
With ICS, you can have:
Peace of Mind. Through economic ups and downs, no depositor has ever lost a penny of funds placed through ICS.
Flexibility. Enjoy daily access to funds placed through ICS into demand deposit accounts and money market deposit accounts.
Favorable Returns. Risk-averse depositors do not have to sacrifice safety for returns. ICS can offer returns that compare to those earned from Treasuries and government money market mutual funds.
Time Savings and Transparent Reporting. Forego the need to manage multiple bank relationships. See account balances, which banks hold your funds, and accrued interest for ICS, 24/7, with an online dashboard. Also, receive regular statements with detailed reporting.
Reduced Collateralization Burden. Save time by eliminating the need to track changing collateral values on an ongoing basis or having to footnote uninsured deposits in financial statements.
Community Support. The full amount of your funds placed through IntraFi's services can stay local to support lending opportunities that build a stronger community.1
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at each FDIC-insured depository institution. Banks that offer IntraFi's services are members of IntraFi’s network of financial institutions. When your funds are placed through the services, they are divided into amounts under the standard FDIC maximum of $250,000 and placed with other network members—each an FDIC-insured institution. Your deposits are placed in a manner that makes them eligible for FDIC insurance at each member bank. By working directly with one network member, you can access insurance through many.
Who has custody of my funds?
Funds placed through ICS are deposited only at FDIC-insured institutions. We act as custodian for your deposits placed, and the Bank of New York Mellon acts as subcustodian.
Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed in deposit accounts in amounts less than the FDIC insurance maximum at members of IntraFi’s network of financial institutions, and those network members provide you with access to the additional FDIC insurance coverage. Working directly with just one bank, you can access coverage through many FDIC-insured institutions.
Is my account information safe?
Your confidential information remains protected; your relationship remains between you and us.
Talk with Gina or Shea, they can help!
Gina Arriola, Treasury Management Sales, SVP
Shea Rutherford, Treasury Management Officer
