Access Multi-Million-Dollar FDIC Insurance at Participating Network Banks through ICS
Enjoy the assurance of FDIC insurance eligibility when Chain Bridge Bank, N.A. places your funds at network banks through ICS, subject to FDIC rules and the terms of the ICS service.
Chain Bridge Bank, N.A. offers IntraFi Cash Service,℠ ICS®, enabling businesses, individuals, and organizations to access FDIC insurance for large deposits through a single bank relationship, in accordance with FDIC rules and the terms of the ICS service.
How ICS Works:
- Use your existing Chain Bridge Bank, N.A. account or open a new one and deposit your funds.
- Set a threshold balance for your account that meets your regular cash-on-hand needs.
- Chain Bridge Bank, N.A., acting solely as a custodian, links your account with ICS and facilitates the placement of your funds at network banks, subject to the terms and conditions of the applicable agreements.
- When your funds are placed using ICS, they are divided into amounts under the standard FDIC insurance maximum of $250,000 and placed at multiple banks within the IntraFi network. This process enables you to access FDIC coverage from many institutions while working directly with us.
- The automatic sweep feature allows transactions to and from the account to be covered by the ICS account, effective the next business day. Simultaneously, any amount exceeding the set threshold balance is swept out.
- Receive a comprehensive monthly statement showing your ICS balances, the banks holding your funds, and other essential information. Monitor your ICS funds and track vital information online 24/7 via a user-friendly Depositor Control Panel.
- By leveraging the IntraFi network, the ICS service eliminates the need for ongoing tracking burdens associated with collateralization of deposits. Additionally, for businesses and organizations, ICS alleviates the need to footnote uninsured deposits in financial statements, simplifying financial reporting and compliance processes.