WHAT IS CDARS?
CDARS®, the Certificate of Deposit Account Registry Service®, is the easiest, most convenient way to access FDIC insurance on large deposits. With the CDARS® service, you can access multi-million-dollar FDIC protection by working directly with just our bank.
Rest assured. Know that deposits well into the millions are eligible for FDIC insurance protection.
Earn interest. Put cash balances to work in CDs.
Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds. Forgo the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.
Manage liquidity. Select from multiple terms to meet your liquidity needs.
Support your community. Feel good knowing that the full amount of funds placed through CDARS can stay local to support lending opportunities that build a stronger community.
HOW DOES CDARS WORK?
- You enter into one Deposit Placement Agreement.
- You sign one simple CDARS Deposit Placement Agreement with us.
- You select an interest rate and a maturity from our offering.
- Based on our current CD options, you agree to a rate and a maturity that best match your investment goals.
- Funds are deposited.
- Using CDARS, we submit your funds for placement at member banks.
- CDs are issued.
- Member banks issue CDs in denominations under the FDIC maximum, so your investment is eligible for FDIC coverage.
- Confirmation is received.
- You receive written confirmation of your deposits and a listing of all of your CDs.
Contact us to learn more.
Disclosures
- When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use CDARS, our bank can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.
- Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.
