Jump to Content
ABA Logo

Promontory Interfinancial Network: Insured Cash Sweep Service (ICS)


Provider: Promontory Interfinancial Network, LLC

Promontory Interfinancial Network logo

Promontory Interfinancial Network's Insured Cash Sweep Service (ICS) allows member banks to offer access to multi-million-dollar FDIC insurance so they can attract and retain large-dollar customers, replace higher-cost funding and reduce collateralization.

When a customer places a large deposit with a Promontory Network member, that institution uses the ICS service to place the funds at other FDIC-insured member banks in demand deposit accounts, money market accounts or both. The placement of the customer's funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC coverage.

By working directly with one institution, a customer can access insurance coverage from many. And customers receive one monthly account statement from the relationship bank.

Promotory Interfinancial Network is the leading provider of FDIC-insured deposit placement services, with approximately 3,000 network members.

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) Insured Cash Sweep Service..." –Chris Huss, Capital Markets Director, CoBiz Bank



  • Allows banks of all sizes to compete with the largest financial institutions.
  • Provides access to higher levels of FDIC coverage than banks can offer on their own.
  • Reduces collateralization requirements by improving margins and asset liquidity.
  • Offers true reciprocal funding.
  • Does not require member banks to manually track customer withdrawals or secure large-dollar deposits and track collateral values on an ongoing basis.
  • Gives member banks the flexibility to set the rates their customers receive.
play icon



Promontory Network Member Experiences


Our Experts

Robin D. Gordon

SVP, Endorsed Solutions Relationship Management

Contact Robin

Useful Links