ICSSM & CDARS®: Smart Cash Management
Place funds into demand deposit accounts (with unlimited program withdrawals) using the ICS demand option and/or place funds into money market deposit accounts (with six program withdrawals per month) using the ICS savings option.
CDARS lets you put excess cash balances to work in CDs with a range of maturities:
As a provider of ICS and/or CDARS, Brentwood Bank is part of a special network. When we place your deposit through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in deposit accounts at multiple banks.1 As a result, you can access coverage from many institutions while working directly with just one.
You communicate with our bank's service team. And you receive one monthly statement from our bank for each service or service option in which you participate. As always, your confidential information is protected.
1. Deposits are placed in demand deposit accounts when using the ICS demand option, money market deposit accounts when using the ICS savings option, or CDs when using CDARS.
2. If 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, satisifes those restrictions.
3. When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS or CDARS network, we 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 to certain types of CDARS transactions, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.