Frequently Asked Questions
How can deposits greater than the standard FDIC insurance maximum be eligible for insurance by the FDIC?
The FDIC insures up to $250,000 of a customer's deposit accounts in a given insurable capacity at an FDIC-insured depository institution. Institutions like ours that offer ICS are members of a special Network. When we place your deposit through the ICS service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option) or both at multiple banks. As a result, you can access coverage from many institutions while working directly with one.
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How often can I access my funds?
You can make unlimited program withdrawals of funds placed in ICS demand deposit accounts and up to six program withdrawals per month of funds placed in ICS money market deposit accounts.
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Who has custody of my funds?
Funds placed through ICS are deposited only in FDIC-insured institutions. We act as a custodian for your ICS deposits.
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Who provides the additional FDIC insurance when my funds are placed using ICS?
Through ICS, funds are placed with other IntraFi1 Network members, and those Network members provide you with access to additional FDIC insurance coverage on your deposits. Working directly with Security National Bank, you can access coverage through many.
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Is my account information safe?
You work directly with just us---the bank you know and trust. As always, your confidential information remains protected.
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1Security National Bank, Member FDIC. Deposit placement of funds through the ICS service is subject to the terms, conditions, fees, and disclosures in applicable agreements, including the Deposit Placement Agreement (“DPA”). For business accounts only. Limits apply, and customer eligibility criteria may apply. The ICS savings option limits program withdrawals to six per month. Although deposited funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS settlement for a deposit or after ICS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on the placement of its funds, the depositor is responsible for determining whether its use of ICS satisfies those restrictions. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks of IntraFi Network LLC.
2When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the Promontory Network, a bank can use the full amount of a deposit placed through ICS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositors' consent, and if authorized under state law, a bank may choose to receive fee income instead of deposits from the banks. Under these circumstances, deposited funds would not be available for local lending.
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