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Rest assured that your large deposits are secure. The Insured Cash Sweep (ICS®) provides you with access to scores of banks that, together, can offer millions of dollars in FDIC insurance coverage, daily liquidity, and a highly attractive yield. The Insured Cash Sweep (ICS®) is an ideal cash sweep option for individuals, businesses, municipalities, and non-profit organizations seeking safety with the potential for competitive yield while decreasing overall portfolio risk.

  • Cash is available daily.
  • FDIC Insurance eliminates the risks associated with money fund investing.
  • Maximizes interest earning potential with a competative yield.
  • Funds are always accessible with no penalties or restrictions on the number of monthly withdrawals.
  • Avoids the burden of dealing with numerous bank relationships and benefit from a high level of FDIC insurance through a single contact point.
  • DCP is an online portal that enables you to view all banks in which your deposit balances are held.

What is the Insured Cash Sweep (ICS®) Account?

Insured Cash Sweep is a liquid FDIC insured alternative to money market mutual funds. It enables customers of financial institutions participating in the Insured Cash Sweep to obtain millions of dollars of FDIC insurance with daily liquidity and potentially higher returns.

How is the Insured Cash Sweep (ICS®) different from a money market mutual fund sweep?

Unlike Insured Cash Sweep (ICS®), money market mutual funds are not FDIC insured. Operationally the Insured Cash Sweep (ICS®) works similarly to a money market mutual fund sweep however, excess deposits are swept into insured accounts held at several FDIC insured program banks instead of pooled money fund investments. Insured Cash Sweep Accounts (ICS®) may be subject to account analysis.

What are the advantages of an FDIC insured account versus a money market mutual fund?

  • Provides the safety and explicit guarantee of FDIC insurance backed by the full faith and credit of the US Government that money funds do not offer;
  • Eliminates market risks associated with money fund investing;
  • Offers a highly competitive yield.

Can placing funds in the Insured Cash Sweep (ICS®) decrease my overall portfolio risk?

Yes. FDIC insured placements eliminate the market risks associated with money market mutual fund investing and other direct cash instruments.

How are high levels of FDIC insurance achieved?

Cash balances in customer accounts* are moved into the Insured Cash Sweep (ICS®) daily. These deposits are allocated in increments of no more than $250,000 to multiple Insured Cash Sweep Receiving Banks, which abides by the FDIC pass-through insurance provisions established by the FDIC. By allocating deposits to multiple banks, customers receive high levels of FDIC insurance while maintaining daily liquidity and the convenience of maintaining one bank relationship.

When placed into the Insured Cash Sweep (ICS®) the following business day, are my deposits insured?

Until your funds are swept to the Insured Cash Sweep (ICS®) , such funds will be uninsured to the extent they remain at their Participating Institution overnight in excess of any FDIC insurance available on balances kept at their Participating Institution. Their funds will be insured on the following business day once transferred to the Program.

What if my Participating Institution fails?

Assuming that the first $250,000 of your funds remains at the Participating Institution (and it is an FDIC-insured bank) with the remainder placed into the Insured Cash Sweep (ICS®), then the following would occur:

  1. An FDIC claim would be filed on your behalf for the $250,000 that remained at the Participating Institution.  It typically takes two business days for the FDIC to settle such claims; but could be longer. 
  2. The funds placed into the Insured Cash Sweep (ICS®) are not impacted. Rather, those funds are placed at other FDIC-insured banks and similarly protected by FDIC insurance and continue to be available to the customer either through: (1) the Participating Institution in a wind-down mode, under the conservatorship of the FDIC, or a transitioning Participating Institution; or (2) IntraFi Network, the Demand Deposit Marketplace program administrator. 

What if I do not want my money deposited in a particular Insured Cash Sweep (ICS®) receiving bank?

You have the option to exclude any Insured Cash Sweep (ICS®) receiving bank. However, by opting out of one or more Insured Cash Sweep (ICS®) receiving banks, it may affect the maximum amount of FDIC insurance you may receive.

The Insured Cash Sweep (ICS®) program is offered to you by Claremont Savings Bank (“us” or “we”), subject to the terms and conditions set forth in the Insured Cash Sweep (ICS®) Terms & Conditions provided to you. Please liaise with us regarding your participation in the Insured Cash Sweep (ICS®) program, including for the Insured Cash Sweep (ICS®) Terms & Conditions and your customer statements. Please contact us for a list of banks and other institutions into which your funds could be deposited through the program or you may find the list at The Insured Cash Sweep (ICS®) program is administered by IntraFi Network. IntraFi Network and its affiliates are not depositories, banks or credit unions, and the Insured Cash Sweep program is NOT, itself, an FDIC insured or NCUSIF insured product. Rather, under the Insured Cash Sweep (ICS®) program, your funds are swept into deposit accounts at participating banks or other financial institutions that are insured by the FDIC or, if relevant, the NCUSIF, for up to the current SMDIA of $250,000 per eligible depositor, per insured participating institution, for each ownership capacity or category, including any other balances the depositor may hold at that institution directly or through other intermediaries, including broker-dealers. Insured Cash Sweep (ICS®) is a registered trademark of IntraFi Network. 

*A target balance will be established based on the activity level in the deposit account. Excess deposit account funds will be automatically swept to maximize FDIC Insurance coverage.