CDARS/ICS

Peoples National Bank offers you the easiest, most convenient way to enjoy access to FDIC coverage on deposit amounts larger than $250,000. CDARS and ICS are perfect solutions for our clients.

CDARS

CDARS is the Certificate of Deposit Account Registry Service. Through this service, you can deposit your money into Certificates of Deposit (CDs). You will be able to select the term that best meets your investment goals and access multi-million-dollar FDIC insurance by working directly with just us.

ICS

ICS is the Insured Cash Sweep service. Through ICS, you can place your large deposits in demand deposit accounts that can be swept daily to maintain a targeted balance and have liquidity for daily cash flow needs, while providing access to multi-million-dollar FDIC coverage.

With the ICS demand option, 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
  • Online portal to check balances 24/7

HOW DO CDARS AND ICS WORK?

By working directly with People National Bank, you will have access to multi-million dollar FDIC protection!

ONE BANK

Work directly with your Relationship Manager at Peoples National Bank.  Your deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network or the ICS Network, as applicable. Funds are placed into CDs (through CDARS} or demand deposit accounts (through ICS} in amounts under the standard FDIC insurance maximum so that your deposit is eligible for FDIC protection.

ONE RATE

Based on our current ICS and CDARS and offerings, you will earn one rate for funds placed using ICS utilized and one rate per maturity for funds placed using CDARS-so you will not be managing multiple rate negations with multiple banks.

ONE STATEMENT

You will receive one monthly statement linked with your Peoples National Bank Deposit Statement. The will include a listing all of your CDARS or ICS deposits along with their issuing banks, maturity dates (for CDARS}, interest earned, and other details.

IT'S THAT SIMPLE

Can you or your organization benefit from the CDARS or ICS Program? Contact us today to find out!

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