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ABA: The American Bankers Association

IntraFi Network: Insured Cash Sweep Service®, or ICS®


Provider: IntraFi Network

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Banks that offer ICS, the Insured Cash Sweep service, are members of the IntraFi Network. With ICS, IntraFi Network members can offer access to multi-million-dollar FDIC insurance so that they can attract and retain large-dollar customers, replace higher-cost funding, and reduce collateralization.

When a customer places a large deposit with a IntraFi Network member, that institution uses ICS to place the funds at other FDIC-insured member institutions in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both.

The placement of customer funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, a customer can access insurance coverage from many and receive just one monthly account statement from the relationship bank.

ICS is offered in all 50 states, the District of Columbia, Puerto Rico, and Guam. Thousands of financial institutions are members of the IntraFi Network.

Banker Review

"Our public funds customers appreciate knowing that when they place their funds through ICS, those funds are eligible for FDIC protection beyond $250,000 and earn interest. That benefits them, as well as local taxpayers, as our bank can make those funds available for investment within the community."
–Mario Martinez, President, Catskill Hudson Bank

"We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with ICS..." 
–Chris Huss, Capital Markets Director, CoBiz Bank


ICS can help participating banks to:

  • Compete head-on with the largest financial institutions
  • Feature access to significantly higher levels of FDIC coverage than banks of any size can offer on their own
  • Improve margins and asset liquidity by reducing ongoing collateralization requirements

Operationally, ICS:

  • Offers true reciprocal funding
  • Gives member banks the flexibility to set the rates their customers receive
  • Does not require member banks to manually track customer withdrawals
  • Does not require member banks to secure large-dollar deposits and track collateral values on an ongoing basis
  • Does not lead to the sharing of a relationship bank’s customer information with other banks (except for the custodian)

Use of the ICS service is subject to the terms, conditions, and disclosures set forth in the ICS agreements, including the CDARS-ICS Participating Institution Agreement and the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. ICS program withdrawals are limited to six per month when using the ICS savings option. Insured Cash Sweep, ICS, CDARS, IND, and Bank Assetpoint are registered service marks of IntraFi Network.

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