IntraFi Cash Service® (also known as Insured Cash Sweep or ICS)
A single business account owner can access multi-million-dollar FDIC protection with ICS and a Jumbo Deposit Business account or a Secure Business Checking account. When you sign an ICS Deposit Placement Agreement, funds are placed with different FDIC insured banks through the ICS network. Yet, you receive one consolidated statement and interest payments through Heritage Bank.
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When you use ICS through Heritage Bank, here’s what happens:
- You sign an ICS Deposit Placement Agreement and a custodial agreement with Heritage Bank.
- You establish a Jumbo Deposit Account or a Secure Business Checking Account to manage your ICS funds.
- Your funds are automatically placed into deposit accounts with other members of the ICS Network in accordance with the Deposit Placement Agreement, ensuring they are FDIC insured.
- You can monitor and view your funds at all times using Heritage Bank’s online banking program.
- You receive consolidated interest payments and one monthly statement for all of the money you have invested through the ICS network.