Bangor Savings Bank is a member of the Promontory Interfinancial Network, which allows us to offer FDIC insurance on deposits up to several million dollars. Promontory Interfinancial Network was founded in 2002 by leading figures in the banking industry to provide financial institutions with profit-enhancing solutions. Today, the Promontory Network includes approximately 3,000 members nationwide and is the leading provider of FDIC-insured deposit placement services.
Enjoy peace of mind by using deposit options eligible for the following:
• Earn interest on excess operating balances
• Receive full FDIC coverage up to several million dollars
• Flexible terms to meet obligations
• Save time by working directly with one bank
• Monthly statement provides reporting of balances and FDIC allocation
• No account or transaction fees
Insured Cash Sweep (ICS)
ICS is a money market account. Funds in the ICS can be accessed through withdrawals up to six times per month. Reporting is available daily online and monthly via statements.
Certificate of Deposit Account Registery Services (CDARS)
CDARS are structured very much like certificates of deposits. Your large deposit would be broken into smaller amounts and placed as CDs with other banks in the CDARS network, so that your entire investment is eligible for FDIC insurance.
To learn more about our products and what may fit your needs best, call our Cash Management Team at 1.888.276.8723.