Want to protect deposits of $250,000 plus? Use the CDARS® or ICS® service, offered through Merchants Bank, to make your individual or business deposits eligible for protection above the standard FDIC insurance amount.

With both services, money is deposited through banks in a network, each in amounts under $250,000. You can work directly with just our bank to access coverage from many and receive just one regular statement per service.


CDARS: Certificate of Deposit Account Registry Service®

Your deposit is placed into certificates of deposit issued by CDARS® network banks with the CDARS® service. You can choose from a variety of terms to fit your needs.

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ICS: Insured Cash Sweep®

The ICS service allows for flexibility through two options - ICS® Demand or ICS® Savings. Both options allow your funds to earn interest and have no minimum balance requirements. The demand option allows for unlimited withdrawals, while the savings option allows for up to six withdrawals per month.

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Benefits of the CDARS® and ICS® service include:

  • Working directly with one bank, Merchants Bank, and skipping the paperwork of opening accounts at multiple banks.
  • Earning one interest rate per maturity with CDARS®.
  • Receiving one statement per service utilized and avoiding the hassle of consolidating statements manually.
  • Peace of mind that your funds are eligible for multi-million dollar FDIC insurance.

Contact your local Customer Service Representative to learn more and start utilizing CDARS® or Insured Cash Sweep®.


Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. 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 necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, CDARS, and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC. 0517