Through the Insured Cash Sweep service, Avenue Bank can provide your business with access to multi-million-dollar FDIC protection on savings deposits.
WITH ICS, YOUR BUSINESS ENJOYS:
Peace of mind
Access multimillion-dollar FDIC insurance coverage by working with just Avenue Bank, a bank you know and trust.
Competitive interest rates
Put excess cash balances to work in interest-bearing savings accounts (money market deposit accounts). Choose from a fixed rate or floating rate program, depending on your needs; ask your Avenue Banker for current rates.
Access to funds
Withdraw ICS funds up to six times per month; and make an unlimited number of deposits.
Work with one bank, and receive one easy-to-read statement summarizing all of your ICS funds.
HOW DOES ICS WORK?
WHAT ELSE SHOULD I KNOW?
If you are an Avenue Bank CDARS® customer and ICS customer, when we place funds for you both through CDARS and through ICS under the same tax identification number, the ICS system is programmed to recognize the existing CDARS placements and exclusions maintained by us for you. Online tools allow you to verify that your funds are not being placed in institutions you have excluded. (Note that different tax identification numbers do not guarantee different insurable capacities.)
Through the same online tools, you can, among other things, check your money market deposit account balances and keep track of monthly program withdrawals.
Know that your money is always on deposit in regulated, FDIC-insured institutions and that you can see (online) where your funds are at all times. As always, your confidential account information remains protected.
For more information, contact your banker or Paula Gaines, CTP at 615.744.2946.