Protect Your Money
Multi-Million Dollar FDIC Insurance
Invest your large deposits with our Insured Cash Sweep® (ICS®) service, where it’s safe, secure and insured by the FDIC.
- Peace of mind – your ICS funds are eligible for multi-million dollar FDIC deposit insurance that’s backed by the full faith and credit of the United States government
- Earn interest – place your funds into demand deposit accounts using the ICS demand option, into money market deposit accounts using the ICS savings options, or into both
- Access your funds – the ICS demand option offers full liquidity through unlimited program withdrawals, and the ICS savings option offers access to funds through up to six program withdrawals each month
- Flexibility – your funds can be placed using either or both ICS options to best match your cash management and liquidity needs
How Insured Cash Sweep Works
Everything is handled through us. By working directly with Community West Bank, you can receive FDIC deposit insurance coverage through many banks and get just one statement. First, you set up a transaction account with our bank*, sign the agreements and deposit the funds. Your deposits are then sent to deposit accounts at other ICS member institutions in amounts under the standard FDIC insurance maximum of $250,000**.
Let’s talk about how ICS can work for you, and how you can enjoy yield, peace of mind and flexibility – all at the same time. And all at Community West Bank.
Please contact Luis Garcia-Moreira for more information at LGMoreira@CommunityWestBank.com or (805) 692-4300.
* You will need a separate transaction account for each of the ICS options you use.
** Deposits are sent to demand deposit accounts with the demand option and to money market deposit accounts with the savings option.The standard FDIC insurance maximum is $250,000 per insured capacity, per bank.
Placement of funds through the ICS service is subject to the terms, conditions and disclosures in the service agreements, including the Deposit Placement Agreement (DPA).Limits and customer eligibility criteria apply.With 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 settlement for a deposit or after ICS 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 satisfies those restrictions.ICS and Insured Cash Sweep are registered service marks of Promontory Interfinancial Network, LLC.