Introducing ICS – FDIC Protection for Large Deposits
A Great Alternative for Public Funds
Are you constantly concerned about having securities to back your deposits and ensuring FDIC insurance for them? If so, our latest product, Insured Cash Sweep or ICS, could be for you. By working with Promontory Interfinancial Network, Citizens National Bank is able to take deposits greater than $250,000 and split them up into smaller deposits among other participating FDIC insured banks. You work directly with us, receive just one monthly statement and have online access to view your balance information 24/7.
Through this program you can access multi-million-dollar FDIC insurance on savings deposits, earn interest, and periodically withdraw funds. In order to qualify you must have an active checking account with CNB and the ownership of the ICS money market account must be the same as the checking account. With ICS you have the flexibility to access your funds any time you need them. Much like a savings account, you may make up to 6 withdrawals a month and deposits are unlimited.
ICS is currently only available for public fund accounts. This program gives you peace of mind regarding the security of your deposits. If you’re interested in learning more about ICS, contact our treasury management team, Amy Evans-Yochum or Wally Buroker, to discuss this exciting solution to your deposit needs. Call (800) 448-0025 or email firstname.lastname@example.org or email@example.com.