CDARS is the Certificate of Deposit Account Registry Service. And it's the most convenient way to enjoy full FDIC insurance on deposits up to $15 million through a single banking relationship.
Everything is handled through our bank. Your large deposit is broken down into smaller amounts and placed with other banks that are a member of a special network. Then, those member banks issue CD's in amounts under $250,000, so that your entire investment is eligible for FDIC insurance. By working with just one bank - our bank - you can receive insurance from many.
You earn one rate on your entire investment - so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.
You receive one regular account statement listing all of your CD's, along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there's no need to manually consolidate statements, track changing collateral values, or use private surety bonds.
It's that simple.
|CDARS Deposit Placement Agreement