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ICS/CDARS

ICS/CDARS

ICS® stands for Insured Cash Sweep and CDARS® is the Certificate of Deposit Account Registry Service.

If you’re looking for a safe and convenient way to enjoy FDIC insurance on deposit amounts larger than the standard FDIC maximum, these programs might be the best choice for you. You will be able to work with one bank yet receive the insurance benefits from many.


Account Details

Easy access to multi-million dollar FDIC protection.

First United Bank transactional account required.

Interest compounds daily.

Interest added to principle or deposited into another First United demand deposit account.

CDARS accounts choose rates and maturity that best match your goals.

ICS accounts enjoy as many withdrawals as you need while still gaining interest.

Accounts Placed Through ICS/CDARS Offer:

  • Access to multi-million-dollar FDIC insurance.¹
  • The ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements.
  • Possible relief from ongoing collateralization – since ICS/CDARS deposits are eligible for FDIC protection, you may not need to perform the time-consuming tasks of continually collateralizing your deposits and tracking changing collateral values on a recurring basis.²
  • The power of daily compounding.
  • The ability to have your funds available to support lending initiatives, including special development projects that strengthen your local community.³

Here’s How ICS/CDARS Works:

  1. You enter into one agreement with First United Bank.
  2. For ICS, select your demand deposit account and enjoy unlimited withdrawals.
  3. CDARS, based on our current CD options, you select a rate and maturity that best match your investment goals.
  4. You deposit funds and, using ICS or CDARS, we submit them for placement at member banks.
  5. The funds are placed in demand deposit accounts (using ICS) or CDs (using CDARS) at multiple banks in denominations under the FDIC maximum. As a result, you can access FDIC insurance coverage from many institutions while working directly with just one.
  6. You receive written confirmation of your deposits and a listing of all your accounts.

ICS/CDARS Networks Banks - Large Deposit with First United Bank


Frequently Asked Questions

Still have questions? Learn more about ICS/CDARS from our list of frequently asked questions:

ICS/CDARS FAQ’s

1 – Limits apply. Funds may be submitted for placement only after an investor enters into a ICS/CDARS Deposit Placement Agreement with our bank. This agreement contains important information and conditions regarding the placement of funds.
2 – If an investor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the investor to determine whether the placement of the investor’s funds through ICS/CDARS or a particular ICS/CDARS transaction satisfies those restrictions.
3 – Because deposited funds are exchanged on a dollar-for-dollar basis with other banks in the ICS/CDARS Network, our bank can use the full amount of a deposit placed through ICS/CDARS for local lending, satisfying some investors’ local investment goals/mandates. Alternatively, with an investor’s consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.

ICS/CDARS is a registered service mark of Promontory Interfinancial Network, LLC.

Placements of your funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures set forth in the agreements you enter into with us, including the applicable Deposit Placement Agreement. Limits apply, and customer eligibility criteria may apply. If a depositor is subject to the restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions. Insured Cash Sweep, ICS and CDARS are registered service marks of Promontory Interfinancial Network, LLC.

What Customers Are Saying About

Natalia Lawson

Personal Banking Customer