CDARS (Certificate of Deposit Account Registry Service)
- Summary
Looking for a way to keep large deposits safe? With CDARS, you can access FDIC protection on multi-million dollar CD investments through Opportunity Bank.
There are few guarantees in life -- FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you.¹
With help from CDARS, you get:
- Ideal for large investment sums
- CD-level interest rates
- One rate, one statement, one tax form
- Full FDIC insurance
- Full personal service
¹ Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Opportunity Bank, N.A. The agreement contains important information and conditions regarding the placement of funds by us.
- How does it work?
We are a member of a special network. When you place a large amount with us, we place your funds into CDs issued by other banks in the same network -- in increments of less than the FDIC limit -- so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from many banks while working with just one.
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank. As a result, we can make the full amount of your deposit available for community lending purposes.²
² This benefit applies to some, but not all types of CDARS transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.
- More Information
-
Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.
And with CDARS, you can eliminate the need to monitor changing collateral values - another time saving convenience.
Of course, your confidential account information remains protected.
Ask us about how CDARS can work for you the next time you visit one of our branches, or email admin@oppbank.com for more information.
