Want to protect deposits of $250,000 plus? Open a Merchants Bank’s CDARS or ICS account to ensure your individual or business deposits above the standard FDIC insurance amount are covered.

With both accounts, money is automatically deposited through a network of pre-selected, highly rated banks. This guarantees that your entire amount on deposit is FDIC insured.

CDARS: Certificate of Deposit Account Registry Service

A CDARS account is similar to other certificates of deposit at Merchants Bank and follows our local market rates. You can choose from a variety of terms to fit your needs.

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ICS: Insured Cash Sweep

An ICS account allows for more flexibility through two account structures - ICS Demand Checking Account or ICS Money Market Savings Account. Both account types earn interest, allow for unlimited deposits and have no minimum balance requirements. Our checking option also allows for unlimited withdrawals.

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Benefits of a CDARS or ICS account include:

  • Working with one bank and skipping the paperwork of opening accounts at multiple banks.
  • Earning one interest rate.
  • Receiving one statement and avoiding the hassle of consolidating statements manually.
  • Peace of mind that Merchants Bank is taking care of the details.

Contact your local Customer Service Representative to open a CDARS or Insured Cash Sweep account.


Placement of your funds through the ICS service is subject to terms, conditions, and disclosures set forth in the agreements you enter into with us, including the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. Program withdrawals are limited to six per month when using the ICS savings option. If you are subject to restrictions with respect to the placement of funds in depository institutions, it is your responsibility to determine whether the placement of your funds through ICS, or a particular ICS transaction, satisfies those restrictions. ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC. Public Fund 0414