Insured Cash Sweep (ICS) via IntraFi

Sweep your funds across multiple FDIC-insured banks for greater FDIC coverage.

What is Insured Cash Sweep?

Insured Cash Sweep (ICS) is a convenient and powerful service that distributes your money across multiple FDIC-insured banks. The FDIC insures your money up to $250,000 per FDIC-insured bank. If you have balances above and beyond $250,000 in one bank, only the first $250,000 is FDIC insured—the rest is not insured, even if it's in different accounts at the same bank.

The ICS service protects clients with balances above $250,000 by depositing their funds in multiple FIDC-insured banks. Funds at each bank are kept at or below the $250,000 limit to ensure full FDIC coverage. We're proud to offer insured cash sweep services via IntraFi, a financial services firm and trusted partner of almost 3,000 banks in the United States.

ICS Benefits:

  • As a GenuBank customer, you can safely distribute your funds across multiple FDIC-insured banks
  • Get one detailed statement, know exactly where your funds are deposited, and monitor your transactions
  • Earn interest without hidden fees or the hassle of dealing with multiple banks

Example Scenario:

  • You have $5 million in deposits at just one bank, but only the first $250,000 is insured by the FDIC
  • With ICS, your $5 million is automatically distributed across 20+ FDIC-insured banks in the IntraFi network
  • Your deposits at each bank do not exceed the FDIC's $250,000 limit, so your entire $5 million is insured by the FDIC

How to obtain ICS:

  • Have a banking relationship with GenuBank and account balance(s) of over $250,000
  • Request and be approved for the Insured Cash Sweep service from GenuBank
  • Once enrolled, your funds will be safely distributed across multiple FDIC-insured banks

If you have any questions, please contact us or speak to your relationship manager directly.