Secured by the FDIC
Insure balances up to $125 million per tax ID, for free. For accounts that exceed the $250,000 FDIC limit, Primis offers ICS® (Insured Cash Sweep) and CDARS® (Certificate of Deposit Registry Service).
Extended Coverage Means More Protection.
Protecting your funds is more important than ever. The FDIC protects deposits up to $250,000 per depositor per insured bank for each account ownership category.
If your balance at Primis exceeds $250,000, and all deposits are within the same account ownership category, we can help secure up to $125 million in FDIC protection per tax ID or social security number.
Interested? Please review the following information and contact your local banker directly or fill out the form below for additional information.
Tip: The FDIC’s Electric Deposit Insurance Estimator (EDIE) is a digital tool that helps you know how the insure rules and limits apply to you and your accounts. Click here to learn more.
How does it work?
Primis is a member of the ICS Network and the CDARS Network, meaning that when you make a large deposit with us, we can divide that up into accounts (with a maximum balance of $250,000) at other network institutions. When using ICS, your funds will be divided up to multiple money market accounts at other FDIC-insured institutions, keeping your confidential information protected. For CDARS, those funds will be deposited into CDs instead.
WHY ICS and CDARS?
PEACE OF MIND
Nobody has ever lost a penny of FDIC-insured deposits, make sure your funds beyond $250,000 are protected too.
Excess cash balances can be put to work, earning you returns, in money market accounts (through ICS) and CDs (through CDARS).
Work with us directly. The same Primis staff that knows your name will have complete control on giving you access to multi-million-dollar FDIC insurance. No need to memorize dozens of online banking logins.
You can make up to six withdrawals per month from ICS funds placed into outside money market accounts. For CDARS, select from a range of CD term options to meet your liquidity needs.
Want more information?
To learn more about these services, please fill out the form below and a dedicated Primis rep will reach out soon: