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You should occasionally take a break, but your money shouldn’t — keep it working at all hours with these services.

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
  • No minimum balance
  • Deposit Control Portal to manage accounts online 24/7

Benefits of ICS inlude:

  • 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 utilized 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. This 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.

Contact us to learn more and start utilizing ICS.

  • 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

*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

Here, the Golden Rule still applies.