How does it work?
We offer two services to give you added FDIC insurance coverage: Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweeps (ICS). When you use these services, we’ll split your deposit into increments less than $250,000 and place these funds across our network of well-capitalized banks. By doing this, your entire deposit remains fully protected, while you continue to work with just one bank.
CDARS - CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICE
With CDARS, you can access insurance on deposits up to $50 million and earn interest rates comparable to CDs. Maturities range from 4 weeks to two years.
ICS - INSURED CASH SWEEP SERVICE
ICS allows you to place funds into demand deposit and/or money market deposit accounts. You can deposit up to $125 million for each account type. With this option, you can enjoy expanded insurance protection and still have the flexibility to access your funds when you need them.
|CDARS vs ICS at a Glance|
|Access to Funds||CDARSEarly withdrawals before maturity are subject to penalty||ICSAnytime without penalty|
|Interest Rate||CDARSTypically Higher||ICSTypically Lower|
|Max. Deposit Limit||CDARS$50 Million||ICS$125 Million|
|Combined Deposit Limit*||CDARS & ICS$190 Million|
|Suitable for||CDARSIndividuals, businesses, or entities who want FDIC insurance coverage on large deposits and do not require immediate access to funds.||ICSIndividuals, businesses, or entities who want FDIC insurance coverage on large deposits and need liquidity in funds.|
* Higher limits may be accepted on exceptional basis.
Funds may be submitted for placement only after a depositor enters into the CDARS or ICS Deposit Placement Agreement with East West Bank. The Agreement contains important terms and conditions regarding the placement of funds by us. Please read the agreement carefully before signing it. Both CDARS and ICS deposits incur a monthly fee. CDARS and ICS are registered service marks of IntraFi NetworkSM.