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High-Balance Deposits
SECURED BY THE FDIC

Insure balances up to $125 million per tax ID, for free!

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Digitally Streamlined Application Process

Fast Access
To Protection

Fast Access To Protection

24/7 Availability Of
Our Concierge Desk

24/7 Availability Of Our Concierge Desk

Protect Your Deposits With Extended Coverage

Higher deposit balances require more protection! The FDIC protects up to $250,000 per depositor per insured bank for each account ownership category.

Panacea offers a free program to protect your deposits above $250,000, for both your consumer and commercial accounts.

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Insured Cash Sweep

For Balances Above $250,000

Insure Your Money

Insured Cash Sweep (ICS) accounts protect your deposits, up to $125 million per tax ID. Whether you have money in personal or business accounts, you get it protected today.

Access Funds

Make unlimited withdrawals on any business day using the ICS demand option.

Earn Interest

Put excess cash balances to work by placing funds into demand deposit accounts using the ICS demand option, or into savings accounts using the ICS savings option.

Rest Assured

Make large deposits eligible for multi-million dollar FDIC insurance. This protection is back by the full faith and credit of the federal government.

Save Time

Works directly with your Panacea Financial accounts, so you can track account activity, balances, and other information online. Set up electronic statements from a single account, rather than multiple banks or accounts.

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How ICS Protects Your Deposits

FAQs

What is ICS?

ICS (Insured Cash Sweep) is a method of offering our retail and commercial clients additional FDIC insurance, over and above the $250,000 FDIC insurance per Tax ID or Social Security Number.

How does it work?

ICS pools Primis' FDIC Insurance with that of other banks. For example, if Jane Doe has $500,000 with Primis, all balances above $250,000 would not be insured by the FDIC. If ICS were used to insure Ms. Doe’s funds, then the additional $250,000 would be ‘pooled’ with that of another bank, in exchange for Primis doing the same thing. For more information, see our resource article.

What kind of accounts can be collateralized?

Money Markets, CDs, Savings Accounts, and DDAs (in certain cases) can all be collateralized.

How long will it take to add this protection?

Once the contracts are signed, your funds are typically fully protected within the next 3-5 business days.

Is there a minimum dollar amount to protect?

Typically we see this used on accounts about $250,000, although we can establish this at lower dollar amounts if you think your deposits will grow above the amount protected by the FDIC. 

What are the costs of this program?

As a service to our customers, Panacea offers this completely free on checking account balances over $250,000. For savings account balanes over $250,000 the ICS program reduces the savings rate by 0.125%.

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Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by Panacea Financial. Links are provided for informational purposes and should not be viewed as an endorsement
Fine Print

1. If you choose both the savings and demand options, you will need to have a separate transaction account for each.

2. Deposits are sent to demand deposit accounts using the demand option and to money market deposit accounts using the savings option. The standard FDIC insurance maximum is $250,000 per insured capacity, per bank.

3. All personal loans have a $100 origination fee. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account.  To check the rates and terms you qualify for, click “Apply Today” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval.  Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000.

4. No payments during the first year. For a 5-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.

5. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.

6. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.

7. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.

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