GRB provides a wide range of financial services designed to help municipal organizations manage their funds.
Insured Municipal Sweep
Through the GRB Municipal Sweep, your public unit can access multi-million dollar FDIC insurance on funds placed into money market deposit accounts using the ICS®, or Insured Cash Sweep service.
How it Works
GRB is a member of the Promontory Interfinancial Network, LLC, allowing us to place funds into money market accounts at other member banks, in increments less than the FDIC insurance maximum, so that both principal and interest are eligible for FDIC protection.
- Peace of mind. Your funds are placed in member banks by the FDIC and backed by the full faith and credit of the U. S. government.
- Earn interest. Put excess cash balances to work in a money market deposit account.
- Liquidity. Withdraw ICS funds up to six times per month. Plus, make an unlimited number of program deposits.
- Save time. While your funds will be placed through many banks, you only work directly with GRB. You will receive one easy-to-read statement summarizing all your holdings.
- Support our community. Your deposits that stay at GRB are loaned back to the community, driving the business growth that helps our local economy.
Placement of your funds through the ICS service is subject to terms, conditions, and disclosures set forth in the agreements you enter into with us, including the ICS Deposit Placement Agreement. Limits and customer placement eligibility criteria apply. Program withdrawals are limited to six per month.
To learn more about the GRB Municipal Sweep, please contact Reece McKenzie.