So, what is CDARS?
Let’s start with the acronym. CDARS stands for certificate of deposit account registry service. The purpose of CDARS is to enable you to deposit more than the FDIC insurance limit ($250,000) in CDs with our bank and still have all of your funds covered. This is accomplished through portioning out your investment across the CDARS network of member banks.
How does it work?
The basic strategy of CDARS is to divide and conquer. Your business can place millions of dollars in CDs with us, and then your funds will be distributed among CDARS network members in amounts within the $250,000 FDIC insurance limit. For example – if you invest $2 million with us through CDARS, that money is placed into 8 or more CDs at CDARS network member banks.
How could it benefit my business?
Your business gets the security of multi-million dollar FDIC insurance coverage with the convenience of one bank, one interest rate, and one statement. You’ll work directly with us and have one rate for your entire investment. We’ll send you one regular account statement that lists all of your CDs and their issuing banks, maturity dates, interest earned, and other details.
Through CDARS there is no need for your business to manually consolidate statements and disbursement checks, have multiple rate negotiations, track changing collateral values, or use private surety bonds.
At the end of the day, you are the most important part of investing. Where you want to be, what you hope to achieve, and how you want to live – all of that truly matters to us. We’ll get to know you and use our experience and expertise to make your vision a reality.learn more
Simplify your business operations. Just like the right equipment makes a job easier to complete, having the right tools makes your company more efficient. We offer a range of convenient services to support your business, your customers, and even your shareholders.learn more
Your business has unique needs. Find an account that fits them. We offer a variety of checking accounts and convenient features, such as our anytime banking services and business debit cards.learn more