FDIC Insurance Coverage Solutions
Our affiliation with IntraFi® network makes insurance of your multi-million-dollar deposits at TowneBank possible through Insured Cash Sweeps. Through the IntraFi® solution we offer, your deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and then placed into deposit accounts at multiple FDIC-insured banks in the network. This option is available to businesses and nonprofit organizations.
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access funds
Access Funds
With ICS, maintain access to your funds placed in demand deposit accounts or money market accounts. -
earn interest
Earn Interest
Put cash balances to work in money market deposit accounts with Insured Cash Sweeps (ICS). -
ICS
Rest Easy
You can rest easy knowing you have protection for your multi-million-dollar deposits through FDIC insurance.
Save Time
Work directly with just us—a bank you know and trust—to access multi-million-dollar FDIC insurance, and forgo the need to use repo sweeps or to track collateral on an ongoing basis.
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.*
Safeguard Your Business Deposits
Earn returns and keep your cash protected through economic ups and downs with access to millions in FDIC insurance. In addition, with ICS, your funds aren't subject to floating net asset values that can lead to loss of principal and erase returns.
Detailed Reporting on Business Deposits
With a local banker and trusted partnership, you have access to detailed reporting and transparency to know where your funds are at all times.
Flexible Business Banking Solutions
Enjoy the simplicity of working directly with one, local bank. With ICS, you don't have to manage multiple banks and relationships, tracking collateral, or having uninsured deposits to footnote in financial statements.
Earn Interest
Earn interest and avoid the risks of being associated with money market mutual funds (MMMFs). Rates often compare favorably to Treasuries and government MMMFs.
Frequently Asked Questions
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Banks, like ours, that offer ICS are members of the IntraFi Network. When we place your funds through the ICS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts (using ICS), at multiple banks. As a result, you can access coverage from many institutions while working directly with just one.
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You will receive one monthly statement for each service in which you participate, and, as always, your confidential information is protected.
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When you deposit money in a bank, the bank uses those funds to make loans. With ICS, we can ensure that the funds placed through ICS can stay local to support lending opportunities to build a stronger community.
When deposited funds are exchanged on a dollar-for-dollar basis with other instutions that use ICS, our bank can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors' local investmenet 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 cirumstances , deposited funds will not be available in local lending. -
A demand deposit account is just a different term for a checking account.
* When deposited funds are exchanged on a dollar-for-dollar bases with other institutions that use ICS, our bank can use the full amount of a deposit placed though ICS 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.
Deposit placement through CDARs or ICS is subject to terms, conditions, disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (SMIDA) 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 of 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 and ICS are registered service marks.