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With ICS and CDARS, you can access multi-million-dollar FDIC protection at participating network banks by working directly with just our bank.
With the ICS service, 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 our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Enjoy liquidity. Make unlimited program withdrawals.
Account Details (for Root Account linked to 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 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 cash balances to work by placing funds into interest earning demand deposit accounts.
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.
Account Details (for Root Account linked to ICS):
Connect with a Cash Management Specialist to Learn More
Important Disclaimer Information:
*For the Root Account linked to ICS, a $0.50 fee applies for each item exceeding 300 regardless of balance maintained. Activity charges include: checks paid, deposits, checks deposited, ACH transactions and others.
With the ICS service, 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 our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. And, 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 money market deposit accounts.
Manage liquidity. Enjoy access to funds placed into a money market deposit account up to 6 times per month.+
Account Details (for Root Account linked to ICS):
Connect with a Cash Management Specialist to Learn More
Important Disclaimer Information:
+Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone or internet transfers, or by check, draft, debit card, or similar are limited to six per statement cycle. A $15.00 service fee applies for each withdrawal exceeding six.
*For Root Account linked to ICS, a $0.50 fee applies for each item exceeding 300 regardless of balance maintained. Activity charges include: checks paid, deposits, checks deposited, ACH transactions and others.
CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working directly with just one financial institution.
Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CDs at participating network banks.
One Relationship. You work directly with our financial institution.
One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.
No Ongoing Collateralization. Because deposits placed through CDARS are eligible for FDIC protection, you can eliminate ongoing collateral tracking.
A Wide Variety of Maturities. Select from various maturities—ranging from 4 weeks, 13 weeks, 26 weeks or 52 weeks—and choose the terms that best suit your investment needs.
Community Investment. The full amount of your funds can support lending initiatives that strengthen your local community.2
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 and CDARS funds are divided into amounts under the standard FDIC maximum and placed with other IntraFi network banks—each an FDIC-insured institution. By working directly with our bank, you can access insurance through many.
When placing funds through ICS into demand deposit accounts, you can make unlimited program withdrawals.
When placing funds through ICS into money market deposit accounts, you can make up to six program withdrawals per month.
Funds placed using CDARS may be accessed upon the maturity of the CDs. Early withdrawals may be subject to significant withdrawal penalties.
Funds placed through CDARS and ICS are deposited only in FDIC-insured institutions. We act as custodian for your CDARS and ICS deposits, and BNY Mellon acts as subcustodian for the deposits.
Yes. You can manage your ICS accounts online. Through the Depositor Control Panel (DCP), you can check your balances, view where your funds could be placed, review and manage daily processed fund placements, and track monthly program withdrawals, and view your transaction history. Once you have opened your ICS account(s), the DCP is available at www.depositorcontrol.com.
Information about funds placed through CDARS is not available in the Deposit Control Panel, but you will receive monthly statements and other documents relating to your CDARS placements.
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
Visit the IntraFi website to learn about the advantages of this deposit program.
Important Disclaimer Information:
1If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions.
2When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.
3Limits apply. Funds may be submitted for placement only after client enters into the applicable Deposit Placement Agreement with Providence Bank & Trust. This agreement contains important information and conditions regarding the placement of funds.
4Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi, ICS, and CDARS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
All trademarks and registered marks are the properties of their respective owners.
