Insured Cash Sweep | IntraFi
Safeguard deposits over $250,000 with IntraFi® NetworkSM.
Would you like to access multi-million-dollar FDIC protection on your deposits; earn interest by placing funds into demand deposit accounts, money market deposit accounts, or both; and enjoy flexibility at the same time? Now you can—through ICS®, the IntraFi Cash ServiceSM, offered at Northwest Bank.
Contact Your Local Treasury Management Representative for more information.
Enjoy Piece of Mind
Relax knowing that your funds are eligible for multi-million-dollar FDIC insurance, protection that’s backed by the full faith and credit of the United States government. No one has ever lost a penny of FDIC-insured deposits.
Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. Receive just one monthly statement from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Make unlimited withdrawals of funds placed into demand deposit accounts or up to six program withdrawals per month of funds placed into money market accounts. Funds can be placed in one or both types of deposit accounts to best match your cash management and liquidity needs.
Earn one interest rate.
Support Your Community
Feel good knowing that the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.1
How does IntraFi® NetworkSM work?
Through just one bank relationship, you can access FDIC insurance from many.
We, like other institutions that offer ICS, are members of a special network. When your organization uses ICS to place funds, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and placed in deposit accounts at other FDIC-insured banks that participate in the same network. You receive just one monthly statement detailing all of your placements, and, as always, your confidential information remains protected.
Follow these Straightforward Steps
You sign an ICS Deposit Placement Agreement and a custodial agreement with us.
You identify an existing transaction account (or set up a new one) to be used with ICS.
Your funds are placed into deposit accounts at other IntraFi network banks.
Check balances & see where your funds are at all times using an online tool specially developed for ICS.
You receive one monthly statement from us summarizing your account activity and balances across institutions.
Frequently Asked Questions
Would you like to access multi-million-dollar FDIC protection on your deposits, earn interest, and enjoy liquidity at the same time? Now you can—through ICS®, the IntraFi® Cash Service.
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.
- Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts.
- Enjoy liquidity. Make unlimited program withdrawals.
- Save time. Work directly with just our bank—a bank you know and trust. And reduce the need to track collateral on an ongoing basis, if you are accustomed to collateralization.
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Your ICS funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members—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 make unlimited program withdrawals using the ICS demand option.
Who has custody of my funds?
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.
Who provides the additional FDIC insurance when my funds are placed using ICS?
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.
Is my account information safe?
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.