Extended Coverage Through ICS® and CDARS®
At First National Bank Minnesota, we recognize the significance of providing enhanced protection for your assets, and safeguarding your deposited funds is a top priority for us. If your account balance surpasses the FDIC limit of $250,000, you can rely on our IntraFi Cash Services (ICS®) and Certificate of Deposit Registry Service (CDARS®) programs for added protection. These programs enable you to extend FDIC coverage to cover the entire amount of your deposits while enjoying the convenience of a single account and the fast, flexible, and reliable service of First National Bank Minnesota.
Institutions, like ours, that offer ICS and CDARS are members of the IntraFi network. When we place your funds through the ICS or CDARS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in money market deposit accounts (using ICS), or in CDs (using CDARS), at multiple banks. As a result, you can access coverage from many institutions while working directly with just one. You receive one monthly statement from our bank for each service in which you participate, and, as always, your confidential information is protected. We are here to serve you and help answer any questions you have regarding obtaining extended FDIC Insurance, just reach out and we’ll be in touch shortly.
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How ICS Works
ICS® & CDARS® is a secure and convenient way to insure high balance deposit of $250,000 or more, with full FDIC protection. With our Extended FDIC Insurance Programs, you can:
- Rest assured.
Know that deposits well into the millions are eligible for FDIC insurance protection. Because deposit accounts are not subject to floating net asset values, market volatility will not negatively impact principal. - Earn interest.
Put cash balances to work in demand deposit accounts, money market deposit accounts, or CDs. - Keep it simple.
Avoid opening multiple accounts with multiple institutions to protect your funds. Forego the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.1 - Access funds.
Enjoy access to funds placed into demand deposit accounts and money market deposit accounts. With CD placements, select from multiple terms to meet your liquidity needs. - Support your community.
Feel good knowing that the full amount of funds placed through ICS and CDARS can stay local to support lending opportunities that build a stronger community. - One Relationship.
Work directly with the dedicated team at First National Bank Minnesota - the bankers you know and trust. Extended FDIC insurance covers all types of deposits, both for Business and Personal accounts.