Corporate managers listening to a presentation in a conference room
COREBANK takes pride in supporting local businesses by offering financial products and services to help you reach your financial goals. Our services are designed to make your business more efficient and profitable.
Listed below are our products and services. However, for a complete understand of how we can match up your needs with our products to form a long and prosperous relationship, click on Contact Us to arrange a time for us to meet with you.
Through Promontory’s new ICS (or Insured Cash Sweep) service, banks can offer their customers a savings product that earns interest and provides access to multi-million-dollar FDIC insurance. By using ICS to transfer, or “sweep,” customer funds from a transaction account at the bank into savings accounts (money market deposit accounts) at multiple banks, institutions can attract sophisticated, safety-conscious customers of all types, including businesses, nonprofits, public entities, and other large-dollar depositors.
ICS enables banks to receive matching deposits for their placements – true reciprocal funding to help fund the asset side of the balance sheet – while offering a savings product with access to multi-million-dollar FDIC insurance.*
How does ICS compare to other alternatives?
How does ICS work?
As a member of the Promontory Network, a bank can transfer a customer’s funds from a transaction account at that bank into interest-bearing savings accounts at other member banks in amounts below the standard FDIC insurance maximum ($250,000). This process makes the customer’s funds eligible for FDIC protection. As a result, customers can access coverage from many institutions while working directly with just one. Customers communicate with their bank’s service team and receive monthly statements from that bank. And, as always, customers’ confidential information is protected. Each customer maintains liquidity in the transaction account at his/her bank and can access ICS funds in the money market deposit accounts up to six times per month.