Through the CDARS® service, we are part of a special network. When you place a large amount with us, we place your funds into CDs issued by other banks in the network - in increments of less than the standard FDIC insurance maximum - so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from many banks while working with just one.
CDARS can significantly reduce your administrative burdens, especially during tax and financial reporting seasons; there’s no need to manually consolidate statements or interest disbursements or to calculate blended rates. Additionally with CDARS, you can say “goodbye” to surety bonds, collateralization requirements (like monitoring changing collateral values on a recurring basis), and opening accounts at different banks in different insurable capacities. All of this can save you time and money.
- Full FDIC Insurance
- One Bank, One Rate, One Statement
- No fees
- No collateralization
- Wide variety of maturities
- Community investment
Funds may be submitted for placement only after a depositor enters into an agreement with us. CDARS is a registered service mark of Promontory Interfinancial Network, LLC. General 10/08