You should occasionally take a break, but your money shouldn’t — keep it working at all hours with these services.
With ICS, you have:
- Unlimited program withdrawals per month
- Targeted balance set on your deposit account, structured with your banker
- Fixed or tiered interest rate structure (If applicable)
- No service charge
- No minimum balance
- Deposit Control Portal to manage accounts online 24/7
Benefits of ICS include:
- Working directly with People National Bank, you will have access to multi-million dollar FDIC protection
- For interest bearing accounts, you will earn one rate for funds placed using ICS option so you will not be managing multiple rate negations with multiple banks
- You will receive one monthly statement linked with your Peoples National Bank Deposit Statement.
Contact us to learn more.
Deposit placement through CDARS or 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 CDARS or 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.
- Perfect for businesses that manage transfers for separate payroll, merchant processing and petty cash, or that have multiple divisions, stores, or operating units
- Multiple account balances are concentrated into one, centralized account
- Funds are disbursed to individual ZBA accounts only when necessary to cover checks or debits
- Eliminate the need for manual transfers between bank accounts-debit or credits
- Concentrate funds, eliminating idle balances and simplifying account management
- Maintain required balances for disbursements while maximizing excess balances
- Transactions flow through separate accounts for audit purposes while balances are consolidated for funding
- More than one ZBA can be linked to the primary account
- Separate statements for each account
- Automated solution that helps minimize interest expense while giving you complete access to the availability in your Commercial line of credit
- You set the target balance on the checking for automated transfers above or below the limit
- Reduce interest expense by using idle funds in your business checking to pay down the line of credit
- Prevent unnecessary overdrafts and associated fees
- Automating the sweep movement means no longer manually managing online, through emails or faxes
For more information on Commercial Line of Credit Sweeps, go to Frequently Asked Questions.
*Placement of funds through the ICS service requires a combined relationship of $250,000. Interest is compounded and credited to the account monthly. Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the agreements for the service, including the Deposit Placement Agreement ("DPA"). Limits apply and customer eligibility criteria may apply. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount ("SMDIA"), a depositor's balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any arrangements it finds necessary to have such balances adequately protected in a manner consistent with applicable law .
Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the agreements for the service, including the Deposit Placement Agreement ("DPA"). Limits apply and customer eligibility criteria may apply. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount ("SMDIA"), a depositor's balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any arrangements it finds necessary to have such balances adequately protected in a manner consistent with applicable law.
CDARS, Certificate of Deposit Account Registry Service, ICS, and Insured Cash Sweep are registered service marks of Promontory lnterfinancial Network, LLC