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Benefits of IntraFi for Government Funds

Understanding the Benefits of the Insured Cash Sweep (ICS) Program for Municipal Funds

Holly Cirignano avatar
Written by Holly Cirignano
Updated over a week ago

At Hingham Institution for Savings, we prioritize the security of our customers' funds, especially when it comes to government and municipal funds. We understand that safeguarding government funds is of utmost importance to ensure financial stability and uninterrupted services. That's why we offer IntraFi's Insured Cash Sweep (ICS) program, a valuable tool that provides enhanced protection for government funds.

What is the Insured Cash Sweep (ICS) Program?

The Insured Cash Sweep program is a service that allows government entities, such as municipalities, school districts, and other public agencies, to receive up to $150 million of FDIC insurance coverage by automatically spreading funds across multiple banks within the ICS network. Through the ICS program, we partner with a network of FDIC-insured banks to provide customers with access to multimillion-dollar FDIC insurance coverage.

How to Enroll in the ICS Program:

Enrolling in the ICS program is a straightforward process. As a government entity, you can contact our dedicated team of professionals who will guide you through the enrollment process. They will help you set up the necessary accounts and provide assistance in managing your government funds using the ICS program.

Safety, Liquidity, Yield

  • Safety: With the ICS program, your government funds are eligible for full FDIC insurance coverage, up to $150 million per deposit placement.

  • Liquidity: The ICS program offers flexibility by providing same-day access to funds, allowing you to maintain liquidity while maximizing insurance coverage.

  • Yield: Earn competitive interest on your money market funds placed with Hingham's ICS program.

Protecting government funds is a critical responsibility, and at Hingham Institution for Savings, we take this task seriously. Our Insured Cash Sweep (ICS) program offers government entities an effective solution to enhance the safety and security of their deposits. By participating in the ICS program, you can benefit from wide FDIC insurance coverage, simplicity, convenience, and the assurance that your funds are protected by the U.S. government. Contact our team today to learn more about the ICS program and how it can benefit your organization.

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