INSURED CASH SWEEP®
multi-million Dollar FDIC Protection
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.
THE INSURED CASH SWEEP® PROCESS
Here’s what happens when you use Physician Bank’s Insured Cash Sweep (ICS):
- A (ICS) Deposit Placement Agreement and a Custodial Agreement are signed between you and Heritage Bank, of which Physician Bank is a division of.
- A Jumbo Deposit Account is created for you to manage your ICS funds.
- According to the Deposit Placement Agreement, your funds are placed into FDIC-insured deposit accounts with other members of the ICS Network.
- Using the Physician Bank online banking system, you can monitor your funds anytime, anywhere.
- The ICS network provides you with consolidated interest payments and a single monthly statement.
*FDIC insured cash sweep is subject to additional terms and conditions.