EXTEND YOUR FDIC COVERAGE BEYOND $250,000
With ICS® and CDARS®, you can access multi-million-dollar FDIC protection by working directly with your Customer Service Representatives at The Bank of Princeton.
- Rest assured. Know that deposits well into the millions are eligible for FDIC insurance protection. Because deposit accounts are not subject to floating net asset values, market volatility will not negatively impact principal
- 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. Forego the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.1
- 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.
- Support your community. Feel good knowing that the full amount of funds placed through ICS and CDARS can stay local to support lending opportunities that build a stronger community.2
Learn How ICS/CDARS Works
Frequently Asked Questions About ICS
Why ICS?
Would you like to access multi-million-dollar FDIC protection on your deposits and earn interest at the same time? Now you can—through ICS®, the IntraFi Cash ServiceSM.
With ICS, you can:
Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
Save time. Work directly with just The Bank of Princeton —a bank you know and trust. If you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Earn interest. Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts).
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 in a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. When your funds are placed through ICS, they are divided into amounts under the standard FDIC maximum and placed with other institutions participating in IntraFi's network—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your funds are at all times.)
How often can I access my funds?
You can withdraw ICS funds as many times as you wish from your account.
How can I tell how many withdrawals I’ve made/have left in a given month?
As an ICS customer, you have access to the Depositor Control Panel, which shows how many withdrawals you have made from ICS funds placed in money market deposit accounts during a given month.
Funds placed through ICS are deposited only in FDIC-insured institutions. We act as custodian for your ICS deposits, and BNY Mellon acts as subcustodian for the deposits.
Through ICS, funds are placed with other institutions participating in IntraFi's network, and those Network members provide you with access to FDIC insurance coverage on deposits at those banks. Working directly with just our bank, you can access coverage through many.
You work directly with your Customer Service Representative at The Bank of Princeton—the bank you know and trust. As always, your confidential information remains protected.