Our shadow accounts are Insured Cash Sweep (ICS) accounts, provided by the IntraFi network. This is for high-balance deposit account to provide supplemental depository insurance above the FDIC limit of $250,000.
Consumer and Businesses can have an ICS account. Customers setup here at Panacea, have a primary account (standard 8 digital account #) and an ICS Shadow account (account number is 99+[account number]). $250,000 lives in the primary account, and all balances above this are swept to the shadow account nightly.
From a user's standpoint, they can transact on the entire balance in the Primary+ICS accounts, so are not limited to the balance of the Primary account alone ($250,000).
User View (Dashboard)
Transactability:
When making internal transfers, the user will be able to see the available balance on the principal account + the sweep balance.
