FDIC Insurance for Large Balances
Fully Insure Large Deposits with Chain Bridge Bank, N.A.’s ICS Program
Chain Bridge Bank, N.A. offers the IntraFi Cash Service (ICS) program to provide expanded FDIC insurance coverage for large deposits belonging to businesses, individuals, and organizations. Through the IntraFi Network, Chain Bridge Bank, N.A. can provide up to $125 million in FDIC coverage for each checking account holder and $100 million for each money market account holder, with a total combined insurance limit of $150 million.
How the ICS Program 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 links your account with IntraFi, acting as a custodian on your behalf.
- IntraFi distributes your funds in increments up to the $250,000 FDIC insured deposit limit per institution, across multiple banks within the IntraFi Network. This process ensures full FDIC coverage for your deposits.
- The automatic sweep feature allows payments coming out of the account to be covered by transfers from the ICS each night. Simultaneously, any amount above the set threshold balance is swept out, maintaining optimal liquidity.
- You will receive a comprehensive monthly statement displaying your ICS balances, the banks holding your funds, and other essential information. Depositors can also monitor their ICS funds and track critical information online 24/7 through a user-friendly Depositor Control Panel.
By leveraging the IntraFi Network, the ICS program eliminates the need for ongoing tracking burdens associated with collateralization of deposits.
Additionally, for businesses and organizations, ICS removes the necessity to footnote uninsured deposits in financial statements, streamlining financial reporting and compliance processes.
Getting started with the ICS program is simple.
You or your company can use an existing checking or other transaction account (or set one up) and deposit your funds. To learn more about the ICS program or sign up, please contact your relationship officer or call us at (703) 748-2005.
Please note: Deposit placement through ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount ("SMDIA") 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 consistent with applicable law and must determine whether placement through 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, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.
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