With ICS, there is no need to track collateral on an ongoing basis. This account can help your organization comply with investment policy mandates through a single bank relationship. By keeping your funds with a local bank, such as Morton Community Bank, you directly support the expansion of the local economy!Īn ICS account can allow excess cash balances to work in both demand deposit accounts and savings accounts. We rely on local deposits to fund local lending opportunities or projects. Morton Community Bank sets the deposit rate based on the term desired and the IntraFi Network utilizes the FDIC insurance of Financial Institutions to provide FDIC insurance coverage. If securitization of funds in excess of the $250,000 FDIC limit per Tax ID number is a priority for you, as a member of the IntraFi Network, Morton Community Bank can fully insure deposits up to $100 million per Tax ID number using FDIC insurance. Zero Balance Sweep – You can reduce idle funds and maximize your investment opportunities with Zero Balance Sweep that maintains multiple daily operational accounts and consolidates all balances into a master account each night. Loan Sweep – A Loan Sweep is an automated, efficient movement of funds between your business Line of Credit and your Operating Account to reduce the inconvenience of manual transfers and to maximize interest expense control. Insured Cash Sweep (ICS) – The Insured Cash Sweep offers the same features as the Cash Sweep however, your sweep balances are fully FDIC-insured up to $100 million through our participation in the IntraFi Network. Designed to provide you automated, secure methods to maximize funds.Ĭash Sweep – Your funds will sweep overnight to a Cash Sweep Account earning interest and, if necessary, will be automatically swept back the next day to cover any operational needs.
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