Portage Community Bank gives our customers the ability to access FDIC insurance coverage for Money Market Deposit accounts for over $250,000 through a service called ICS.
ICS®, the IntraFi Cash ServiceSM, is a smart, convenient way for bank customers to access multi-million-dollar FDIC protection on large deposits placed into money market deposit accounts.
With the ICS service, you can:
Rest assured. Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.
Save time. Work directly with just our bank—a bank you know and trust. Forego opening accounts under different insurable capacities or managing multiple bank relationships. And, if you are accustomed to collateralization, reduce the need to track collateral on an ongoing basis.
Earn interest. Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts).
Bank Safe, Bank Smart®
For more informaiton on this service, please call our team in Ravenna at 330-296-8090, Kent at 330-678-8080, Rootstown at 330-325-1726 or Cuayhoga Falls at 330-400-5010.
*Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.