Access FDIC Insurance Above $250,000
Westside State Bank is proud to offer access to FDIC insurance for accounts above the FDIC insurance limit ($250,000) through CDARS and ICS.
The placement of your funds for both CDARS and ICS occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can access insurance coverage from many. And, you receive just one regular, monthly account statement per service from us.
How CDARS works
CDARS is also known as the Certificate of Deposit Account Registry Service©. When you place a large deposit with Westside State Bank, a CDARS Network member, we use the CDARS service to place your funds into CDs issued by other members of the CDARS Network.
How ICS works
ICS is also known as the Insured Cash Sweep Service©.
When you place a large deposit with Westside State Bank, an ICS Network member, we use the ICS service to place your funds into money market deposit accounts at other FDIC-insured member institutions.
To learn more about these services, or for a list of current rates please contact us here.
