IntraFi Cash Service (ICS®): Protecting Your Deposits
When it comes to your finances, security and peace of mind are paramount. Ensuring that your hard-earned money is protected is essential, and one of the ways banks provide this reassurance is through FDIC Insurance (Federal Deposit Insurance Corporation). At Coastal, we offer an additional layer of protection through IntraFi Cash Service (ICS®). This blog post will explore what ICS® is, how it works, and why you should use it.
What is ICS®?
ICS® is an innovative program that allows us to provide our customers with access to additional FDIC insurance coverage. While the FDIC offers standard coverage of up to $250,000 per depositor, per FDIC-insured Bank, per ownership category, ICS® takes it a step further by enabling us to offer extended coverage on large deposits. This means your money is safeguarded even with substantial account balances.
How does ICS® work?
When we place your deposit through ICS®, it’s divided into amounts under the standard $250,000 FDIC Insurance maximum. The amounts are then placed into deposit accounts at multiple FDIC-insured banks. This process is known as “deposit placement” or “deposit sweep.” As a result, you’ll have FDIC coverage from many institutions while working directly with us. You’ll receive one statement from our Bank and access key details about your accounts online, 24/7.
Why use ICS®?
- You’ll have enhanced protection. ICS® provides an additional layer of protection for depositors with large balances.
- ICS® helps mitigate risks associated with placing large sums of money in a single bank, offering peace of mind and security.
- It’s incredibly convenient. You don’t have to worry about managing accounts at multiple banks – everything is handled for you.
- You can still earn interest. You can earn a return on your funds while still enjoying the peace of mind that comes with extended FDIC coverage.