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Security First Bank of North Dakota

ICS & CDARS Deposit Network

Looking for a way to keep large deposits safe? Ask us about Insured Cash Sweep® (ICS®) for your checking and savings accounts or CDARS® for your CD's. Both are great solutions for: businesses, nonprofit organizations, public funds managers, trustees, financial advisors, individuals, and IRAs.

With ICS® and CDARS®, you can receive up to $50 million in FDIC insurance through Security First Bank. There are few guarantees in life – FDIC insurance is one of them. These programs can be a valuable cash management or longer-term investment tool for you or your business.*

Why ICS® & CDARS®?


It’s one-stop shopping that gives you:

  • Safety – Your money can receive up to $50 million in FDIC insurance coverage.
  • Convenience – You work directly with us. You earn one interest rate and receive one regular statement. Individual investors receive one year-end tax form.
  • Community Investment – The full value of your money can support lending opportunities in your local community.**
  • Rates – Your money earns rates which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts, and money market funds.

How do ICS® & CDARS® work?


We are members of a special network. When you place a large amount with us, we place your funds into accounts issued by other banks in the network – in increments of less than $250,000 – so that both your principal and interest are eligible for complete FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.
 

What else should I know?


Now, you no longer have to spend time managing multiple bank relationships or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.
 

Of course, your confidential account information remains protected.

To find out how ICS® & CDARS® can work for you, stop in, give us a call, or send us an email at  center@securityfirstbank.com.

*Funds may be submitted for placement only after a depositor enters into a Deposit Placement Agreement with Security First Bank. The agreement contains important information and conditions regarding the placement of funds by us.

**This benefit applies to some, but not all types of ICS®/CDARS® transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.

ICS®, Insured Cash Sweep® & CDAR® are registered service marks of Promontory Interfinancial Network, LLC.