Keeping Your Money Secure
PEACE OF MIND: PROTECTING YOUR DEPOSITS BEYOND $250,000 WITH INTRAFI ICS AND CDARS SERVICES
With ICS and CDARS, you can rest easy, knowing your large-dollar assets are protected. Use the services and work with just one bank to access millions of dollars of aggregate FDIC insurance across the IntraFi’s extensive network of banks.
A list identifying IntraFi network banks can be found at www.Intrafi.com/network-banks. IntraFi is not an FDIC-insured bank, and deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage.
As a banker, I understand how essential it is to feel confident about the protection of your funds—especially when they exceed the standard $250,000 insurance threshold set by the Federal Deposit Insurance Corporation (FDIC). For larger deposits, ICS, and CDARS are smart, secure services that offer the highest per-depositor, and per-bank access to FDIC insurance through a deposit network. Tens of thousands of depositors use the services to earn interest and access FDIC insurance, which is backed by the full faith and credit of the U.S. government.
HOW IT WORKS | When we place your funds through the ICS or CDARS service, your deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS), or in CDs (using CDARS) at multiple banks. As a result, you can access coverage from many institutions while working directly with just one, The First Bank of Greenwich. You receive one regular statement from our bank for each service in which you participate, and, as always, your confidential information is protected.
COMMUNITY INVESTMENT | Another benefit of using ICS and CDARS is the positive impact they can have on local communities. When you place your funds using these services, the full amount of your deposit can be used to support local lending efforts. This means your deposit isn’t just safe—it also contributes to community growth, helping to fund loans that build stronger neighborhoods and foster economic development.1
CONVENIENCE AND ACCESS TO FUNDS | With ICS, you can access your funds as needed. If you prefer the stability of CDs, CDARS offer a range of terms to meet your specific liquidity needs. Working with The First Bank of Greenwich gives you the convenience of a single banking relationship, eliminating the need to manage multiple accounts, track collateral or consolidate statements. This frees you from time-consuming administrative tasks so you can focus on what matters most.
WHO CAN BENEFIT FROM ICS AND CDARS?
The services are ideal for a variety of depositors, including:
- individuals and families who seek FDIC insurance coverage on multi-million-dollar deposits
- businesses of all sizes looking for secure, large-dollar deposit solutions
- nonprofits seeking safe, FDIC-insured investment options
- government Finance Officers who manage public funds responsibly; and
- fiduciaries responsible for safeguarding client assets.
Whether you’re managing corporate funds, philanthropic assets, or public money, IntraFi Network Deposits offer a powerful way to safeguard significant deposits while enjoying the Whether you’re managing corporate funds, philanthropic assets, or public money, IntraFi Network Deposits offer a powerful way to safeguard significant deposits while enjoying the convenience of working with a single institution.
CONTACT US TO LEARN MORE | The First Bank of Greenwich is here to help you navigate the complexities of large-dollar deposit protection. By choosing IntraFi Network Deposits, you can rest assured that your funds are secure, insured, and accessible. Contact The First Bank of Greenwich today to find out how we can help protect your finances and provide the peace of mind you deserve.
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1. When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the IntraFi network through CDARS and ICS, your bank can use the full amount of a deposit placed through CDARS and ICS for local lending, satisfying some depositors’ local invest-ment goals or mandates. Deposit placement through an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through cover-age. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals or be uninsured (if the placing institution is not an insured bank). The depositor must make any neces-sary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi Cash Service, ICS, and CDARS are registered service marks of IntraFi LLC.