Insured Cash Sweep®
A single account owner can access multi-million-dollar FDIC protection with Insured Cash Sweep (ICS) and a Jumbo Deposit 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.
More On Insured Cash Sweep®
When you use Insured Cash Sweep (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 to manage your ICS funds.
- Your funds are 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 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.