Extraco is happy to provide a way for our commercial customers to get full FDIC coverage on their account balance above $250,000 through the ICS and CDARS services.
Safety and Simplicity With 100% FDIC Insurance
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What is ICS and CDARS?
With ICS and CDARS services, you can enjoy the safety and simplicity that comes with access to multi-million-dollar 100% FDIC insurance through your single bank relationship with Extraco. You can choose services that offer the returns and access to funds you seek.
How Does It Work?
Institutions, like ours, are members of the IntraFi network. When we place your funds through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and placed in accounts at multiple banks. As a result, you can access 100% FDIC coverage while working exclusively with Extraco. You will receive one monthly statement for each service you have, and, as always, your confidential information is protected. Other benefits include:
- Earn interest. Put cash balances to work in demand deposit accounts, money market deposit accounts, or CDs.
- Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds.
- Manage liquidity. Enjoy access to funds placed into demand deposit accounts and money market deposit accounts. With CD placements, select from multiple terms to meet your liquidity needs.
ICS Services:
Insured Cash Sweep (ICS) accounts offer FDIC protection for Demand Deposit and Money Market accounts. To use ICS services, you must designate an existing transaction account or open a new one. Balances are transferred automatically in and out of the account. Depositors can monitor their balances at any time using Extraco eBank or IntraFi's online reporting tool, DCP.
CDARS Services:
The Certificate of Deposit Account Registry Service (CDARS) offers FDIC protection for certificates of deposit. Funds placed in CDARS are directly invested in CDs without requiring an additional depository account. CDARS depositors receive regular account statements directly from IntraFi.
Want To Get Started With ICS and CDARS?
Contact one of Extraco's Treasury Management Consultants today to get enrolled into the ICS and CDARS services. Our team will make sure you leverage these offerings to the highest level for you and your business!
