Access FDIC insurance on deposits larger than $250,000
We understand that our customers want to feel confident that their large deposits are secure, easily accessible, and earning a competitive return. That's why we offer the Insured Cash Sweep (ICS) service, a smart and convenient way to access multi-million-dollar FDIC protection.
With an ICS account, you can:
Feel secure in the knowledge that even large deposits are eligible for protection backed by the full faith and credit of the federal government, giving you peace of mind.
Put your excess cash balances to work and earn interest by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts.
Save time and hassle by working directly with us, City National Bank of Florida - a bank that you know and trust. Avoid opening accounts under different insurable capacities or managing multiple bank relationships. You'll receive just one monthly statement from us summarizing your account activity and balances and one statement from Bank of New York Mellon showing your FDIC insurance coverage.
Enjoy the flexibility of accessing your funds easily and quickly. There are two options you can use individually or mix to best fit your financial needs. Get unlimited withdrawals through the ICS demand option, or choose the ICS MMDA/Savings option, which allows for up to six withdrawals per month.
*Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC.
for more information please contact our Specialists or call us.
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Clicking continue will take you from City National Bank’s site to a third-party website. City National Bank makes no endorsement or claims about the accuracy or content of information contained within the third party site to which you may be going. The security and privacy policies on these sites may be different from City National Bank.
Clicking continue will take you from City National Bank’s site to a third-party website. City National Bank makes no endorsement or claims about the accuracy or content of information contained within the third party site to which you may be going. The security and privacy policies on these sites may be different from City National Bank.
Clicking continue will take you from City National Bank’s site to a third-party website. City National Bank makes no endorsement or claims about the accuracy or content of information contained within the third party site to which you may be going. The security and privacy policies on these sites may be different from City National Bank.
