FDIC Extended Insurance with IntraFi® (ICS® and CDARS®)
Insured Cash Sweep (ICS®) & Certificate of Deposit Account Registry Service (CDARS®)
Our collaboration with IntraFi® allows your funds to be qualified for an elevated level of FDIC insurance coverage exceeding $250,000. IntraFi®, a privately owned corporation, interlinks financial institutions of varied magnitudes to attain mutual triumph. The company assists financial institutions in upholding monetary security, administering cash balances and improving profitability.
Dime actively participates in the IntraFi® network and utilizes its ICS® or CDARS® service to distribute your funds into smaller amounts that are below $250,000. These smaller amounts are then deposited into Demand Deposit or Money Market accounts (utilizing ICS®) or in Certificates of Deposit (through CDARS®) held at various banks where you do not currently have any deposits. By doing so, numerous financial institutions will provide FDIC coverage that will ensure the safety of your entire deposit, which will be managed through your Dime account relationship.
Extended Insurance Frequently Asked Questions
Insured Cash Sweep (ICS®)
– There are two types of ICS® accounts, Demand and Savings.
– There is a maximum deposit limit of $125,000,000 in Demand accounts per client with a combined maximum of $150,000,000.
– There is a maximum deposit limit of $100,000,000 in Savings accounts per client with a combined maximum of $150,000,000.
Certificate of Deposit Account Registry Service (CDARS®)
– 4 weeks
– 13 weeks
– 26 weeks
– 52 weeks
Each CDARS® account may be limited to the amount per term.
An individual client may not exceed $50,000,000 in CDARS® accounts or $150,000,000 in CDARS® and ICS® combined accounts.
This service is available to consumers and businesses. Municipalities are also eligible to participate in ICS® and CDARS®.
You will receive one monthly statement from Dime that will list each of the banks holding your funds and the respective balances.
You will also have access to IntraFi’s Depositor Control Panel where you can log in anytime to see your deposit balances and what banks they are being held at and insured by.
Part of the application process is to disclose all of the banks where you currently have deposit accounts. We will exclude those banks from the network for your funds.
If you utilize IntraFi’s ICS® or CDARS® service at other institutions, IntraFi® will automatically exclude them from the CNOB funds distribution.
With at least one Dime deposit account and a completed application, the ICS® or CDARS® account will be established within 1 business day.
Two documents are required for ICS® and our team can walk you through exactly how to execute each:
– ICS Agreement
– ICS account Setup Form
Connect with your local banker to enroll.