Multi-million dollar FDIC protection with a network of 3000 FDIC Insured Banks.
South Central Bank, N.A. is a qualified member of Promontory Network, which enables us to offer this program placing your entire checking balances under complete protection from the Federal Deposit Insurance Corporation (FDIC) accessing network member banks.
Who is Promontory Inter-financial Network, LLC? The Promontory Network includes approximately 40% of U.S. banks and has a management team of former bank regulators: Eugene Ludwig, former Controller of the Currency; Alan Blinder, former Vice Chairman of the Federal Reserve, and Mark Jacobsen, former FDIC Chief of Staff.
How safe are your funds? All your funds are regular bank deposits and are under $250,000 limits of FDIC insurance per bank every day with ICS Insured Cash Sweep. ICS is a variation of the well-known Promontory network CDRS service for large Certificates of Deposit that we and network banks have used for years to cover multi-million dollar CD deposits for FDIC insurance.
- Every dollar of your account is covered by FDIC insurance at a network bank, and your operating account is with one bank, South Central Bank, N.A.
- Interest rates, if any, are established by our bank.
- All excess funds above $250,000 are swept out of the bank overnight to another FDIC insured institution and returned next day to meet any incoming payment obligations.
You receive a month end statements showing banks holding your insured FDIC funds that day, and you can go on-line to see your deposit distribution every day.