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Business owners discussing their Protection+ Money Market Account with Amerant Bank
Personal Finances

Amerant Protection + and Relationship Money Market Accounts

Use ICS® to Access Multi-Million-Dollar FDIC Insurance at Participating Network Banks for Funds Initially Deposited in Relationship Money Market Deposit Accounts

In an ever-changing financial landscape, finding secure ways to protect your assets has become more important than ever.  You can use ICS, the IntraFi Cash ServiceSM, to access multi-million dollar FDIC insurance at participating network banks.

This innovative product provides customers with deposits of more than $250,000 with increased protection and peace of mind by facilitating access to insurance from the Federal Deposit Insurance Corporation (FDIC) at participating network banks. In this article, we will take a closer look at how ICS works and how it can benefit banking customers in today’s financial climate.

What is ICS?

ICS, the IntraFi Cash Service, is a financial service that gives banks the ability to offer their customers access to multi-million-dollar FDIC insurance coverage at participating banks for aggregate deposit amounts of more than $250,000. With ICS, Amerant Bank can offer its customers the added protection they need, while still providing the convenience and simplicity of working directly with a single bank.

How Does ICS Work?

As an example, let’s say a customer wants to deposit $1 million in a savings account with Amerant Bank. Normally, only $250,000 of that deposit would be eligible for FDIC insurance. However, when you place the remaining funds through an ICS account at Amerant, they are divided into amounts under the standard FDIC insurance maximum of $250,000. The funds are then placed in demand deposit accounts or money market deposit accounts at multiple banks that are members of IntraFi’s network of banks. This process is automated and transparent to the customer. Amerant is the custodian of your funds, and you will have access to a monthly statement with your account activity and balance.

Moreover, ICS allows customers to earn interest on their entire deposit balance, even as it is spread across multiple banks. This is because each bank that receive funds through the network pays interest on the funds at the rate set by Amerant Bank. For instance, if Amerant Bank places $1 million for a customer through the network, the customer will earn interest on the full $1 million, as each bank pays interest on the deposits.

For a customer opening a Relationship Money Market account, funds placed through ICS would receive interest at the Protection+ rate that they agreed to with Amerant Bank.

What is IntraFi?

Amerant Bank is a member of IntraFi’s network of banks. IntraFi® provides innovative products help financial institutions and organizations of all sizes keep customer money secure, manage cash balances, and increase profitability in ways that would be too difficult or too costly for each to achieve on its own.

Why is ICS important?

Recent current events in the banking industry have underscored the importance of safety and security in banking. Customers are looking for new and innovative ways to protect their deposits and ensure their money is safe.

With ICS, customers can access millions in FDIC insurance coverage at participating network banks, in aggregate amounts more than $250,000. This means that their deposits are eligible for FDIC insurance, even in the event of a bank failure.

Customers that have a Relationship Money Market account enjoy this additional level of security with Amerant’s level of high service. ICS can be seamlessly integrated into various types of deposit accounts, including checking accounts, savings accounts, and money market accounts. Currently, this service is not offered for CD accounts at Amerant, but the standard $250,000 FDIC insurance limit applies.

Whether you’re looking for a checking account to manage your day-to-day finances, a savings account to grow your money, or a money market deposit account to earn a higher interest rate, ICS can be integrated to protect your money with Amerant. For a safe and secure way to protect your deposits through ICS, contact a banking representative at Amerant today.

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 and registered service marks, IntraFi Cash Service is a service mark, of IntraFi Network LLC.

Amerant Editorial Team
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