These are trying times for the American investor. It seems everywhere you look: in the newspaper, on the television or on the Internet, you hear of more bad news about the stock market, housing prices and the state of the economy. Fortunately, bankers can provide a safe place for their customers' savings through a service called CDARS, or the Certificate of Deposit Account Registry Service, which allows banks to offer customers access to up to $50 million in FDIC insurance through a single bank relationship when investing in CDs. Bank customers benefit from CDARS because their funds are eligible for multi-million dollar FDIC insurance. Using CDARS' "One-Way Sell" transactions, network members with high liquidity or low loan-to-deposit ratios may sell their "excess deposits" to other mem...
CDARS -- the Certificate of Deposit Account Registry Service -- remains one of the best ways to offer investors who want to combine the security of access to FDIC insurance with the convenience of working with just one financial institution. CDARS lets customers manage one relationship, earn one rate and receive one account statement. This can save them from entering into multiple rate negotiations and manually consolidating account statements. With CDARS, banks can receive matching deposits or, with customer consent, fee income in return for its placements. Banks that receive matching funds maintain the full amount of their customers original deposits on their books.
As concerns over the economy remain unabated, local banks are taking additional steps to protect customers' money. First Security Bank, based in Owensboro, Ky., recently began offering the Certificate of Deposit Account Registry Service, which allows deposits of up to $50 million to be insured by the Federal Insurance Deposit Corp. That amount far exceeds the basic $250,000 the FDIC will cover for individual depositors.
BUSINESS BRIEFS
Janet Wilburn has found herself discussing savings security options such as the Certificate of Deposit Account Registry Service with concerned bank customers much more often lately, she said. People are calling every day to make sure they're FDIC insured," said Wilburn, senior vice president of management at Vision Bank in Prague. "I'm not kidding; people are frightened. When you watch the news, doesn't it just make you step back and wonder what's happening now?
The Texas Bankers Association (TBA) and its subsidiary, TBA Services Company Inc, announce the endorsement of the Certificate of Deposit Account Registry Service, or CDARS, offered by Promontory Interfinancial Network LLC. CDARS is the easiest, most convenient way to enjoy access to full FDIC insurance on large deposits. Alter joining the Promontory Network, TBA member banks can offer their customers access to $50 million or more in FDIC insurance. With a growing number of customers ranking financial stability as their top priority when choosing a bank, CDARS can provide banks with a marketing advantage. It also can provide member institutions with a way to attract deposits in large chunks.
New Jersey community banks and local governments received a gift from Trenton last month that may help banks lure municipal deposits in a competitive market. It also may make it easier for municipalities to invest taxpayer dollars. Governor Corzine signed legislation Jan. 3 tailored to enable local governments to use a fairly new for-profit deposit-sharing network with a mouthful of a name: the Promontory Interfinancial Network's Certificate of Deposit Account Registry Service.
Promontory Interfinancial Network is offering KBA members a special deal! Promontory, offers Certificate of Deposit Account Registry Service (CDARS), which enables banks to attract and retain the kind of customers every banker wants most: high income individuals, businesses, nonprofits, associations, trusts, and public funds, as well. With CDARS, banks can offer a customer multi-million dollar FDIC coverage. From December, 2007 to March, 2008 members of the KBA will receive a forty percent (40%) discount in their implementation fee when they sign up for the CDARS service.
If you're still depositing $100,000 into umpteen different banks to get Federal Deposit Insurance Corp. coverage, then it's time to take advantage of the CDARS network. The Certificate of Deposit Account Registry Service was launched by Promontory Interfinancial Network during January 2003 and gives individuals, public entities, homeowners associations, trust attorneys and others the ability to invest up to $50 million with one bank, resulting in one rate and one statement -- all covered by FDIC. State and local government agencies in Colorado also are allowed to use CDARS to invest public money.
... cash flow from the property to service the debt, a decline in real estate values that red...Deposits totaled $312.4 million at June 30, 2011, down $36.... (NOW, demand, money market and passbook accounts) decreased by $9.8 million and represented 32% of ...Our certificates of deposit ("CDs") decreased by $26.3 million duri... under the Certificate of Deposit Account Registry Service. To date, we have successfully reduced our...
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