The Security You Need, All in One Place
Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) bring your business peace of mind with multi-million-dollar FDIC insurance.
Set up an appointment today with your local office!
Benefits of CDARS & ICS
Rest Assured
Rest assured knowing that your funds are eligible for millions in aggregate FDIC insurance protection across network banks— protection that’s backed by the full faith and credit of the federal government. CDARS and ICS are not subject to floating net asset values, so you can feel secure knowing that market volatility will not negatively affect your principal.
Earn Interest
Put your funds to work. Interest rates may compare favorably to Treasuries and/or government money market mutual funds
Enjoy Flexible Liquidity Options
- With CDARS, select from multiple term options to help you meet your liquidity needs.
- With ICS, enjoy daily liquidity for funds placed through ICS into demand deposit accounts and money market deposit accounts.
Time Savings and Transparent Reporting
Forgo the need to manage multiple bank relationships. See account balances and accrued interest for CDARS and/or ICS, 24/7, with an online dashboard. And, receive regular statements with detailed reporting provided by our bank.
How does CDARS and ICS work?
Institutions, like Farmers Bank, that offer CDARS are members of the IntraFi network. When we place your funds through the CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in CDs or accounts, at multiple network banks. As a result, you can access coverage from many institutions while working directly with Farmers Bank.
You receive one regular statement from our bank for each service in which you participate, and, as always, your confidential information is protected.
How do I set up a CDARS and/or ICS account?
Setup for a CDARS or ICS is simple and straightforward:
- Start by setting up your account with us and signing a CDARS Deposit Placement Agreement and custodial agreement.
- Then agree to an interest rate and CD maturity rate (when applicable). We will ask you how you would like your interest to be paid––month-end, quarter-end, semi-annually, year-end, or at maturity––as well as interest proceeds placed into your Farmers Bank account.
- Finally, make your deposit. We will place your funds through CDARS or ICS into multiple CDs or accounts, each in an amount under the standard FDIC insurance maximum ($250,000), at other CDARS or ICS network institutions so that both principal and interest are eligible for FDIC coverage. When your CDs are issued, you will receive notification from us confirming your deposits.