What is ICS promontory?

The Insured Cash Sweep or ICS service is used by banks and savings associations that are insured by the Federal Deposit Insurance Corporation (FDIC). The provider of the Insured Cash Sweep is IntraFi Network (formerly Promontory Interfinancial Network), which is based in Arlington Virginia.

What is promontory in banking?

IntraFi Network (Formerly Promontory Interfinancial Network), LLC, is a privately held firm with a network of financial institutions that has approximately one-third of all U.S. commercial banks and thrifts as members. As Reuters has noted, IntraFi’s services “rose in popularity during the 2008 financial crisis.

Who bought Promontory Interfinancial?

Blackstone Group
Blackstone Group is buying Promontory Interfinancial Network for $2.5 billion, sources told Buyouts. Launched in 2002, Promontory provides technology-based services to banks to help them retain large-dollar relationships.

What is an ICS agreement?

ICS Agreement means the Commercial Outsourcing Services Agreement entered into March 1, 2002 by and between ICS and Seller, as amended by: Amendment No. 1 to Ligand Service Agreement dated September 4, 2003, Amendment No.

Are ICS deposits brokered?

Network’s deposit allocation and sweep services include CDARS®, the Certificate of Deposit Account Registry Service®, for time deposits, ICS®, the Insured Cash Sweep® service, for non-time deposits, and IND®, the Insured Network Deposits® service, for non-time deposits swept to banks primarily by broker-dealers.

Can I withdraw money from sweep account?

You may make withdrawals from your balance in any amount not exceeding your total Sweep Page 3 Account balance, but only through your brokerage account. All withdrawals are subject to the Bank’s reserved right to require seven (7) days’ advance notice of withdrawal.

How much did IBM pay for Promontory?

Promontory was paid $927 million, which led to strong criticism and doubt about the independence of the examination.

What is a sentence for Promontory?

Promontory sentence example. The town is situated on a rocky promontory , crowned by a Byzantine fortress, and has a growing trade. The great artificial harbour, enclosed by breakwaters, is bounded on the south by a slight promontory .

What is an insured cash sweep account?

Insured by the Federal Deposit Insurance Corporation, Insured Cash Sweep (ICS) is a service that allows you to secure large deposits while still maintaining access to your funds. You can also continue earning interest on any funds that are placed into a demand deposit account or money market deposit account.

What are reciprocal deposits?

Reciprocal deposits are deposits that a bank receives through a deposit placement. network in return for placing a matching amount of deposits at other network banks.

Is ICS safe?

Besides attachments, malicious . ICS files can include links to external files (URI option) that could install malware when clicked on. When an invitation is passed on, the malware or malicious link is passed on as well – infecting others down the line.

What does ICS stand for?

ICS

What is ICS insurance?

Independent Claims Service, Inc. (ICS) is an independent insurance adjusting firm, handling property and liability claims, as well as workers’ compensation investigations. Our corporate headquarters are located in Westborough , Massachusetts and our in-house staff of licensed professionals perform a variety of insurance adjustments,…

What is ICS deposit?

ICS, or the Insured Cash Sweep service, is a smart, secure, and convenient way for bank customers to earn a return and access multi-million-dollar FDIC protection on large savings deposits. You don’t have to choose between one or the other.

What is Bank ICS program?

ICS is referred to as a sweep service because the customer’s funds are transferred from a transaction account at the relationship bank into the savings accounts at other banks in the ICS Network.