ICS and CDARS both offer a valuable solution for bank customers with large deposits. These programs allow both consumer and commercial customers to insure their deposits above the FDIC maximum covered amount. This means that you can enjoy the peace of mind that comes with knowing your money is protected.
What do you need to know?
Placing deposits in the IntraFi ICS network through R Bank allows you to keep your deposits above the FDIC maximum amount fully insured across a set of checking or savings accounts at FDIC insured banks all while having full access to your funds, earning a return, and only managing one banking relationship.
What do you need to know?
When placing CD funds in R Bank through the IntraFi CDARS network, your deposit is placed into CDs issued by other FDIC insured banks in the network in increments less than the standard FDIC insurance maximum ensuring full insurance coverage for your entire deposit while allowing you to manage one term and rate through R Bank.
Yes – your deposits are 100% insured with other FDIC regulated financial institutions that participate in the Promontory Network. On your monthly ICS statement, you will see the banks where your funds were placed. These participating banks will never have more than $250k of your funds to ensure that you are adequately insured.
Yes – in two places.
Currently, NO*. This is a service that the bank felt would benefit our customers and would add convenience to our existing relationships by eliminating any possible concern about FDIC insurance coverage AND allow them to earn a return on what typically would be considered a non-earning asset (non-interest bearing checking account).
None, REALLY! This is a true benefit to you!
Absolutely, please reach out to your banker to discuss any changes to your peg balance. You can change your balance as frequently (or infrequently) as you like.
Yes – If you have accounts at other FDIC insured institutions in addition to R Bank, it is important that we exclude them to ensure that the placement of funds is 100% insured. If you ever need to add a new bank to exclude from future placements, there are two ways to add them:
Depending on how you prefer your sweep to occur, the sweeps can occur daily to meet a designated peg balance, or as thresholds are crossed. See below for examples.
With access to multi-million-dollar FDIC insurance, you can reduce any ongoing collateralization and avoid the hassle of opening accounts at different banks in different insurable capacities, as well as the need to manually consolidate account statements and interest disbursements on a recurring basis. This reduces administrative burdens, especially during tax and financial reporting seasons, and frees up valuable time. So, you can skip extra paperwork while enjoying the peace of mind associated with multi-million-dollar FDIC insurance.
Yes! You will receive a monthly statement that lists all of your CDs, maturity dates, issuers, interest earned, and other details. Our bank is the only bank you will need to deal with for all CDARS-related services, including deposits, reinvestments, withdrawals, and statements.
In addition to your monthly statements, you will receive a single year-end 1099 that reports your taxable income (certain investors).
For more assistance, please reach out to Zac Parker.
