Your Central Indiana Community Bank
Protecting your business’ deposits while earning a return — now that’s smart!
Earn interest while keeping your money secure.
Work directly with just Citizens Bank – a bank you know and trust.
Enjoy the peace of mind of multi-million-dollar FDIC insurance.
Access your funds when you need them with ICS.
Would you like to access multi-million-dollar FDIC protection on your deposits, earn interest, and enjoy flexibility at the same time? Now you can—through ICS®, the Insured Cash Sweep® service. 1
Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
Earn interest. Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option or into money market deposit accounts using the ICS savings option.
Save time. Work directly with just Citizens Bank—a bank you know and trust. Receive just one monthly statement from us summarizing your account activity and balances. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Access funds. Enjoy unlimited withdrawals using the ICS demand option, or make up to six program withdrawals per month using the ICS savings option. Your funds can be placed using either or both ICS options to best match your cash management and liquidity needs.
CDARS is one of the safest, smartest vehicles for investors looking to protect their large-dollar deposits while earning CD-level returns. 2
The FDIC insures up to $250,000 of a customer’s deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Your ICS funds are divided into amounts under the standard FDIC maximum and placed with other ICS Network members—each an FDIC-insured institution. This makes your deposit eligible for FDIC insurance at each member bank. By working directly with our bank, you can access insurance through many. You do not pay a fee to use this service, and you receive just one consolidated, monthly account statement from us. (You can also see, online, where your funds are at all times.)
You can make unlimited program withdrawals using the ICS demand option and up to six program withdrawals per month using the ICS savings option.
Funds placed through ICS are deposited only in FDIC-insured banks. We act as custodian for your ICS deposits, and the sub-custodian for ICS deposits is BNY Mellon.
Through ICS, funds are placed with other ICS Network members, and those Network members provide you with access to the additional FDIC insurance coverage. Working directly with just our bank, you can access coverage through many.
You work directly with just us—the bank you know and trust. As always, your confidential information remains protected.
The standard FDIC insurance maximum is $250,000 per insured capacity, per bank. To protect a larger deposit, you could run around to multiple institutions to deposit your funds, or you could require a bank to collateralize your deposit and track changing collateral values on an ongoing basis. Alternatively, you can place your large-dollar deposit with us, a member of the CDARS Network. Your deposit is divided into smaller amounts and placed with other CDARS Network members, each an FDIC-insured institution. Then, those member institutions issue CDs in amounts under $250,000, so that your deposit is eligible for FDIC insurance at each member bank. By working directly with us, you can access coverage from many (and receive just one regular statement).
Funds placed through CDARS are deposited only into FDIC-insured banks. We act as custodian for your CDARS deposits, and the subcustodian for CDARS deposits is the Bank of New York Mellon (BNY Mellon).
Unique to CDARS, you as a depositor can obtain a confirmation of records maintained by BNY Mellon as subcustodian to reconcile those records with the statements received from us. At any time, as often as desired, you as a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of your CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS.
You can submit a request for the certified statement, along with BNY Mellon’s processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party designated by you, such as an auditor.
When we exchange deposits with other CDARS Network members on a dollar-for-dollar basis, the same amount of funds placed through the Network returns to us. As a result, the total amount of your original deposit can remain with our bank and be used for local lending. (CDARS Reciprocal transactions only.) 2
Most of the banks that have failed in the United States in recent years were not CDARS Network members or did not hold any CDARS deposits when they failed. When a Network member has failed, the bank’s CDs issued using CDARS in most cases have been transferred to a healthy institution—the FDIC’s preferred method for handling bank failures. In cases where the FDIC has been unable to find a healthy institution willing to accept such a transfer, it has arranged for the payment of the insured principal and accrued interest to the depositors. This payment has usually occurred within a matter of days.
With summer approaching, you are probably looking forward to a much-needed vacation. We have a few tips for adding to your travel fund!
With a traditional IRA, you typically pay taxes on the money that you withdraw from the account. However, you may be able to claim a tax deduction when you deposit money into the account.
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