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Cogent Bank

Insured Cash Sweep ICS

Bank Safe, Bank Smart with Insured Cash Sweep®, ICS

 

What is ICS?

Through ICS, the Insured Cash Sweep® service, you can earn interest on funds placed into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, and rest assured knowing that your ICS funds are eligible for multi-million-dollar FDIC insurance.

You can also enjoy unlimited program withdrawals (using the ICS demand option) or up to six program withdrawals per month (using the ICS savings option). Simply put, with ICS, you can have it all.


How Does ICS Work?

When our bank places funds for you using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000). This makes your funds eligible for FDIC protection. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us, an institution you already know and trust. It’s that easy.


What Else Do You Need to Know?

You receive a regular monthly statement from us for each option showing your ICS balances and other key information. And you can check your ICS balances and track other important information of interest to you, 24/7, through a specially designed Depositor Control Panel.
Your confidential information remains protected.

ICS can eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements if you are accustomed to these practices.
 
 

How ICS Works