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 settlement for a deposit or after ICS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). Unlimited program withdrawals are available with ICS only when using the ICS demand option. Limits and customer eligibility criteria apply. Placement of funds through the ICS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Under these circumstances, deposited funds would not be available for local lending. Alternatively, with a depositor’s consent to certain types of ICS transactions, the bank may choose to receive fee income instead of deposits from other banks. When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS Network, a participating institution can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors’ local investment goals or mandates. It’s that simple.Ĭonstantly moving your financial chess pieces? Call Community State Bank at (515) 331-3100. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us. When our bank places your funds using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below $250,000, the standard FDIC insurance maximum. Your confidentialinformation remains protected. You can check your ICS balances and track other important information of interest to you online, 24/7, through a specially designed Depositor Control Panel. You receive a regular monthly statement from us showing your ICS balances and other key information. Eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements.Support your community by keeping the full amount of your deposit in your local Community State Bank.Earn returns by putting your money to work for you.Your ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States government.Using ICS, you canplace your funds into demand deposit accounts. Simply put, with the Insured Cash Sweep®, or ICS®, service, you can have it all. CSB has the Solution! Why Choose Insured Cash Sweep? Maxed Out Your FDIC Insurance? Stop Playing Chess With Your Funds.
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