How Does ICS Work?
Let’s say you have a one-million-dollar sum to deposit. You may not want to risk losing money in the stock market, but you also want to earn interest. With ICS, you can deposit the entire sum with your primary bank, such as Osgood, a bank you already know and trust. Your deposit is divided into amounts up to $250,000 (the standard FDIC maximum) and transfer these smaller deposits to ICS Network banks (who are all FDIC-insured)
Why Does ICS Work?
The FDIC will insure up to $250,000 of an individual’s deposit accounts at an FDIC-insured financial institution. There is no limit on the amount of money you can receive FDIC protection on; the limit is per bank, not per person. So, you could manually open deposit accounts at different banks in order to obtain FDIC insurance on a total larger sum. The benefit of enrolling in ICS is that we will do that for you, saving you time and hassle. Instead of receiving multiple monthly statements, you’ll just get one, and you can check your balance online through your primary institution at any time. All the while, you get to work with the same bankers you already have a relationship with.
Can I Access ICS Accounts Online?
Yes, the Deposit Control Panel (DCP) is a secure website specifically created to help you manage your ICS account(s). Although we do the legwork for you, we want to ensure you maintain control.
Using the DCP, you can:
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Check your balance. Review your balance at each Destination Institution, including principal and accrued interest.
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View where your funds could be placed. View the list of institutions where your funds could be placed. This list does not include institutions you have previously excluded.
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Review and manage daily proposed fund placements. You may review any placements on the Proposed Placement List. Depositor Placement Review (DPR) is available each business day from 3:00 to 3:15 pm EST.
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Track monthly program withdrawals and view your transaction history. View the list of transactions for your account, including deposits, withdrawals, and capitalizations over the last 45 days. Balance and interest rate history for the past 45 days are also available.
As always, you can always
contact us with any questions.
How Do I Setup My Accounts Online?
The DCP is available at https://www.depositorcontrol.com/login.
If you are creating a new DCP account, click "GET STARTED."
Next, enter the applicable information to verify your account including:
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any transaction account number associated with your IntraFi Network Deposits account(s),
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last four digits of your tax ID/SSN, and
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email address associated with your account.
Please create a new username and password, then click "VERIFY AND CREATE MY ACCOUNT."
You will receive an email from no-reply@depositorcontrol.com to verify your account. If you do not receive the email, check your spam folder. Once you click the verification link in the email, it will take you back to the login screen to enter your username and password.
