Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.

CDARS & ICS Services

Keeping Your Large Deposits Safe

With CDARS/ICS, you can receive additional FDIC protection through Diamond Bank. FDIC insurance guarantees the protection of your money while it is in the Bank.  CDARS can be a valuable cash management or long-term investment tool for you or your business.  ICS can be a valuable option for short-term liquid deposits.

Why CDARS? (Certificate Deposit Account Registry Service)

Safety - Your money can receive additional FDIC insurance coverage (above the standard $250,000)
Convenience - You work directly with us at Diamond Bank. You earn one interest rate and receive one statement. Individual investors will receive one year-end tax form.
Community Focused - The full value of your money can support lending opportunities in your local community.
CD Level Rates - Your money will earn CD level rates which may be comparable with other investment alternatives (treasuries, money markets, etc.)

Why ICS? (Insured Cash Sweep)

Peace of Mind - ICS funds are eligible for additional FDIC insurance that is backed by in its entirety by the United States Government.
Earn Interest - Put your excess cash balances to work in savings accounts (money markets)
Save Time - By providing access to FDIC insurance through a single bank relationship, ICS can help you comply with investment policy mandates.
Access Funds - Enjoy daily liquidity in your account(s) at Diamond Bank; replenish the transaction account by withdrawing ICS funds up to six (6) times per month.
Support your Community - Feel good knowing the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.

How does CDARS/ICS work?

We are members of a special network, so when you place a large amount of money with Diamond Bank, we place your funds into certificates of deposit issued by other banks in the network. These will be in increments of less than $250,000, so that both your principal and interest are eligible for full FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.
These exchanges, which happen on a dollar-for-dollar basis, can bring the full amount of your original deposit back to Diamond Bank. As a result, we can make the full amount of your deposit available for community lending needs.

Additional Information to Know

You will no longer have to spend time managing multiple bank relationships, keeping up with various interest rates and disbursements from multiple sources, or manually combining monthly bank statements. This will make it easier on you during tax and financial reporting seasons.
With CDARS/ICS, you can eliminate the need to monitor changing collateral values. Your confidential account information remains protected and the other banks in the network will never see your personal information.
Funds may be submitted for placement only after a depositor enters into the CDARS/ICS deposit placement agreement with Diamond Bank. The agreement will contain important information and conditions regarding the placement of funds by us. Please read the agreement carefully before signing it. 
This benefit applies to some, but not all types of CDARS/ICS transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail. 

*Deposit placement through IntraFi’s deposit placement services is subject to the terms, conditions, and disclosures in the program agreements. Limits apply and customer eligibility criteria may apply. ICS program withdrawals may be limited to six per month for money market deposit accounts. Deposits are placed at destination institutions in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination institution. Using multiple destination institutions provides access to aggregate insurance amounts across institutions that are multiples of the SMDIA. Although deposits are placed at destination institutions in amounts that do not exceed the SMDIA at any one destination institution, a depositor’s balances at the relationship institution that places the deposits may exceed the SMDIA (e.g., before settlement for a deposit or after settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not an insured depository institution). 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 deposits of its funds, the depositor is responsible for determining whether deposit placement through IntraFi’s services satisfies those restrictions. A list identifying IntraFi network banks may be found at The depositor may exclude particular insured depository institutions from eligibility to receive the depositor’s funds.