Farmers Bank is proud to offer access to FDIC insurance for accounts above the FDIC insurance limit ($250,000) through CDARS® and ICS®.
At Farmers Bank, your peace of mind matters when it comes to financial security. With ICS® and CDARS®, you can access millions in aggregate FDIC Insurance across IntraFi's® network of banks - All through a single bank relationship with us, a bank you know and trust.
Who can use ICS® & CDARS®?
- Businesses of all types
- Nonprofits
- Public Funds Managers
- Other Large-Dollar Depositors
Benefits of ICS® & CDARS® Include:
- Peace of Mind: Rest assured your ICS® & CDARS® deposits are eligible for multi-million dollar FDIC insurance.
- One Relationship: Banks that offer ICS® & CDARS® are members of a special network, the IntraFi® network.
- One Statement: You receive one regular statement detailing your investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
- No Hidden Fees: You will not be charged annual fees, subscription fees, or transaction fees for using.
- Community Investment: Feel good knowing that the full amount of funds placed through ICS® and/or CDARS® can support local lending opportunities that build a stronger community.1
IntraFi® Cash Service - For Liquid Funds
ICS® is designed for liquid cash—funds you want to keep fully insured and readily accessible. It’s perfect if you want daily access to your funds while still keeping them fully protected.
How Does ICS Work? Institutions, like ours, that offer ICS® are members of the IntraFi network. When we place your funds through the ICS® service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed in deposit accounts or money market deposit accounts at multiple network banks. As a result, you can access coverage from many institutions while working directly with just one.
Why CDARS® - For Fixed Term Savings
CDARS® is used for placing large deposits into term CDs across the network—ideal for funds you can leave untouched for a set period.
- One Rate: You negotiate one interest rate per maturity on CD investments placed through CDARS®. With CDARS®, there is no need to negotiate multiple rates or manually tally disbursements for each CD.
- A Wide Variety of Maturities: You can select from various maturities — ranging from 4 weeks to 260 weeks (5 years) — and choose the terms that best suit your investment needs.
[1] When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS, our 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 depositor's consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending. Deposit placement through an IntraFi service is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi, the IntraFi logo, ICS, and It Pays to Be Safe are registered trademarks of IntraFi LLC.