Montecito Bank & Trust

ICS & CDARS

With ICS®, the Intrafi Cash Service®, and CDARS®, you can work directly with MB&T to access millions in aggregate FDIC insurance across network banks.

Why ICS and CDARS?

Peace of Mind

Make funds eligible for protection that extends well beyond $250,000 and is backed by the full faith and credit of the federal government.

Community Investment

Feel good knowing that the full amount of funds placed through ICS and CDARS can support local lending opportunities that build a stronger community.¹

Interest

Put excess cash balances to work by placing funds into money market accounts or CDs at rates set by MB&T.

Liquidity

Maintain access to your funds placed in demand deposit or money market accounts. With CD placements, select from multiple term options.

Time Savings

Work directly with MB&T―a bank you know and trust, to leverage the FDIC insurance of multiple banks to fully insure your deposits.

Peace of Mind

Make funds eligible for protection that extends well beyond $250,000 and is backed by the full faith and credit of the federal government.

Community Investment

Feel good knowing that the full amount of funds placed through ICS and CDARS can support local lending opportunities that build a stronger community.¹

Interest

Put excess cash balances to work by placing funds into money market accounts or CDs at rates set by MB&T.

Liquidity

Maintain access to your funds placed in demand deposit or money market accounts. With CD placements, select from multiple term options.

Time Savings

Work directly with MB&T―a bank you know and trust, to leverage the FDIC insurance of multiple banks to fully insure your deposits.

MB&T offers IntraFi Network Deposits and can access multi-million-dollar FDIC insuranace from many banks which is divided into amounts of maximum $250,000.

How does it work?

MB&T is a member of the Intrafi Network. When you place a large deposit with MB&T using the Intrafi Cash Service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and is placed in deposit accounts at other FDIC-insured banks that participate in the same network.²

By working directly with MB&T, you can access multi-million-dollar FDIC insurance from many banks and enjoy the convenience of receiving just one statement for demand and savings placements and one for CDs.

As always, your confidential information is protected.

When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank can use the full amount of a deposit placed through IntraFi Network Deposits for local lending, satisfying some depositors local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.
Deposit placement through ICS and CDARS is subject to the terms, conditions, and disclosures in applicable agreements. Deposits that are placed through ICS and CDARS at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using ICS and CDARS are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS and CDARS satisfies any restrictions on its deposits. ICS, IntraFi Cash Service, and CDARS are registered service marks of IntraFi LLC.