CDARS is the Certificate of Deposit Account Registry Service ®. Offered by Promontory Interfinancial Network, LLC., CDARS allows banks to offer customers, access to up to $20 million in FDIC protection through a single bank relationship -- and to enjoy the time-saving conveniences of one rate and one regular statement. Banks that offer CDARS are part of a unique network. When a large deposit is placed with a Network Member, that bank places those funds into certificates of deposit issued by other banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for complete FDIC protection.
CDARS allows banks to
- Attract new deposits
- Earn fee income
- Lower cost of funds
- Diversify funding sources
- Reduce administrative burdens
To learn more about how CDARS can benefit your bank contact Dan Bonano at Erich Buckenmaier at ebuckenmaier@promnetwork.com or 866-776-6426 x3354.
CDARS and Certificate of Deposit Account Registry Service are service marks of Promontory Interfinancial Network, LLC.