ICS®& CDARS® for Business Customers

Peace of Mind for Large Cash Balances

With the IntraFi Cash Service® (ICS), and the Certificate of Deposit Account Registry Service® (CDARS) you can work directly with just our bank to access millions in aggregate FDIC insurance across network banks.

Relax knowing that your deposits are protected and save time by working directly with The Bank of Glen Burnie as your single point of contact. Choosing a local community bank as your partner means that your deposits support reinvestment in our local community and our economy.  The full amount of funds placed through ICS and CDARS stays local and helps build stronger communities through local lending opportunities.1

Note: A list identifying IntraFi network banks can be found at www.IntraFi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.

How Do ICS and CDARS Work?

With ICS and CDARS, you can:

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  • Rest assured. Know that deposits well into the millions are eligible for aggregate FDIC insurance protection across network banks. Market volatility will not negatively impact principal because deposit accounts are not subject to floating net asset values.

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  • Earn interest. Put cash balances to work. Interest may compare favorably to Treasuries.

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  • Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds. Forego the need to track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.

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  • Manage liquidity. Enjoy access to funds placed into demand deposit accounts and money market deposit accounts. With CD placements, select from multiple terms to meet your liquidity needs.

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  • Support your community. Feel good knowing that the full amount of funds placed through ICS and CDARS can stay local to support lending opportunities that build a stronger community.1

1When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank can use the full amount of a deposit placed through  ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.

 

Deposit placement through ICS and CDARS is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through ICS and CDARS at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using ICS and CDARS are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS and CDARS satisfies any restrictions on its deposits. ICS, IntraFi Cash Service, and CDARS are registered service marks of IntraFi LLC.

Contact Us to Learn More

Contact Cash Management Services or one of our branch managers today and connect with our experienced business banking specialists to learn more about ICS and CDARS.

IntraFi banner ad with link to learn how access millions in FDIC insurance through a single local bank relationship

 

Ed Abedi
Vice President
Cash Management
410-689-7581

Email Cash Management Services

Frequently Asked Questions (FAQ)

Why use ICS or CDARS?
With ICS, the IntraFi Cash Service®, you can enjoy the safety and simplicity that comes with access to millions of dollars in aggregate FDIC insurance across network banks. You can choose to place your funds in demand deposit accounts, money market deposit accounts, or both.
With CDARS, you place your funds in CDs that offer the returns and maturities you seek.
A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. With ICS and CDARS, you can have:

  • Peace of Mind. Through economic ups and downs, no depositor has ever lost a penny of funds placed through ICS or CDARS.

  • Flexibility. Enjoy daily access to funds placed through ICS into demand deposit accounts and money market deposit accounts. CDARS offers placement of funds in CDs with a range of maturities between 4 weeks and 3 years.

  • Favorable Returns. Risk-averse depositors do not have to sacrifice safety for returns. ICS and CDARS can offer returns that compare to those earned from Treasuries and government money market mutual funds.

  • Time Savings and Transparent Reporting. Forego the need to manage multiple bank relationships. See account balances, which banks hold your funds, and accrued interest for ICS and CDARS, 24/7, with an online dashboard. Also, receive regular statements with detailed reporting.

  • Reduced Collateralization Burden. Save time by eliminating the need to track changing collateral values on an ongoing basis or having to footnote uninsured deposits in financial statements.

  • Community Support. The full amount of your funds placed through IntraFi's services can stay local to support lending opportunities that build a stronger community.1
Can I choose which banks hold my funds?
Placement of funds is systematically controlled by the vendor, and you will not have the ability to set preferences. However, you can exclude banks that you already have a deposit relationship with to avoid exceeding FDIC insurance limits at those institutions.
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at each FDIC-insured depository institution. Banks that offer IntraFi's services are members of IntraFi’s network of financial institutions. When your funds are placed through the services, they are divided into amounts under the standard FDIC maximum of $250,000 and placed with other network members—each an FDIC-insured institution. Your deposits are placed in a manner that makes them eligible for FDIC insurance at each member bank. By working directly with one network member, you can access insurance through many.
Who has custody of my funds?
Funds placed through ICS and CDARS are deposited only at FDIC-insured institutions. We act as custodian for your deposits placed, and the Bank of New York Mellon acts as subcustodian.
Who provides the additional FDIC insurance when my funds are placed using ICS or CDARS?
Through ICS and CDARS, funds are placed in deposit accounts in amounts less than the FDIC insurance maximum at members of IntraFi’s network of financial institutions, and those network members provide you with access to the additional FDIC insurance coverage. Working directly with just one bank, you can access coverage through many FDIC-insured institutions.
Is my account information safe?
Your confidential information remains protected; your relationship remains between you and us.
What is the difference between CDARS and ICS?
CDARS is the program used for depositors who are looking to protect their large-dollar deposits by placing those funds into a CD to earn returns based on the time period of their choosing. ICS is the program used for depositors who are looking to protect their large-dollar deposits by placing them into a Money Market deposit account, giving the depositor more liquidity.
How can my funds be used locally if my deposits are with financial institutions across the country?
When The Bank of Glen Burnie exchanges deposits with other institutions in the IntraFi network, the same amount of funds placed through the network return to our bank from another financial institution. As a result, the total amount of your original deposit can remain with our bank and be used for local lending.