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Ics sweep account8/1/2023 ICS, Insured Cash Sweep, and CDARS are registered service marks of Promontory Interfinancial Network, LLC. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. You can also continue earning interest on any funds that are placed into a demand deposit account or money market deposit account. First time here Watch the video to learn how to register, or click Register to get started. As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. Insured by the Federal Deposit Insurance Corporation, Insured Cash Sweep (ICS) is a service that allows you to secure large deposits while still maintaining access to your funds. The IntraFi hexagon and IntraFi logo are service marks, and IntraFi, ICS, and CDARS are registered service marks, of IntraFi Network LLC. With Bank Midwests Insured Cash Sweep (ICS) service, avoid managing multiple banks and accounts to maintain FDIC insurance coverage for deposits over. 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 or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). In the ICS savings option, program withdrawals are limited to six per month. For example, if expenses paid on behalf of another company are recorded in the sweep account, but you have not received the reimbursement, then the balance should reflect the non-reimbursed items. An ICS moves your excess funds above the 250,000 FDIC insurance threshold, to money market deposit accounts at other FDIC-insured financial institutions within. Limits apply and customer eligibility criteria may apply. Calculate what balance, if any, the sweep account should reflect. Change the Service Charge Routine from Non-Sweep to Sweep. Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Change the Sweep Fund Code to the value entered in the ICS Option (dda 4356).
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