Watertown Savings Bank ICS
“Insured Cash Sweep”
ICS offers the peace of mind that comes with access to multi-million-dollar FDIC insurance, the opportunity to earn interest on your deposits, and flexibility.
With ICS, Watertown Savings Bank can offer you multi-million-dollar FDIC insurance coverage on your Savings Account, up to $110 million.
How can ICS work for you?
Suppose you have more than $250,000 that you would like to put in a Savings Account. Without ICS, you will have to establish accounts at several different Financial Institutions to obtain complete FDIC insurance coverage on your total investment. With ICS, you work directly with just us, a bank you know and trust, to access multi-million-dollar FDIC insurance. We, as a member of ICS, will deposit your funds into a Money Market Deposit Account (MMDA) with ICS, funds will be deposited in smaller amounts with other Financial Institutions to ensure full FDIC insurance coverage. You would work directly with Watertown Savings Bank to make Deposits and Withdrawals (limited to 6 withdrawals a month) in the ICS program. You will receive a monthly statement on your account which will list all savings accounts issued on your behalf. Your statement will come from YOUR bank, Watertown Savings Bank. Additionally, you will be provided with online access to the ICS Depositors Control Panel.
The Depositor Control Panel (DCP) is a secure website specially created to help you manage your ICS account. Using the DCP, you can: Check current account balances, track monthly program withdrawals, and view the bank information where your funds are deposited.
Today with ICS, there’s a simpler, much more convenient way to make sure your account is fully insured and Watertown Savings Bank is proud to be a member of the ICS Program.
For FDIC insurance concerns, click here.