With Insured Cash Sweep (ICS) and a Jumbo Deposit account, multi-million-dollar FDIC coverage is available. When you sign a Deposit Placement Agreement with the ICS network, your funds are placed with different FDIC-insured banks. Yet, you receive interest payments and one consolidated statement through Physician Bank.


Here’s what happens when you use Physician Bank’s Insured Cash Sweep (ICS):
  1. A (ICS) Deposit Placement Agreement and a Custodial Agreement are signed between you and Heritage Bank, of which Physician Bank is a division of.
  2. A Jumbo Deposit Account is created for you to manage your ICS funds.
  3. According to the Deposit Placement Agreement, your funds are placed into FDIC-insured deposit accounts with other members of the ICS Network.
  4. Using the Physician Bank online banking system, you can monitor your funds anytime, anywhere.
  5. The ICS network provides you with consolidated interest payments and a single monthly statement.
Insured Cash Sweep

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