CDARS (Certificate of Deposit Account Registry Service)
Did you know that additional Federal Deposit Insurance is available?
With the Certificate of Deposit Account Registry Service, or CDARS, we have the ability to provide our customers additional dollars of FDIC insurance.
This service is not just for the wealthy. It’s for retirees, small business owners, and nonprofit organizations - anyone who wants the security of a CD with FDIC insurance.
How does CDARS work?
Everything is handled through Connecticut River Community Bank. Your large deposit is broken into smaller amounts and placed into a special network of participating banks for this service. The member banks issue CDs in amounts under $100,000 so your entire deposit is eligible for FDIC insurance. You earn one rate on your entire deposit, so you don’t have to worry about multiple rate negotiations and the need to consolidate your deposit accounts at the time of maturity. You will receive one regular statement listing all of your CDs, along with the issuing banks, maturity dates, interest earned, and other details. It’s that simple.
How to get started?
You enter into an agreement with Connecticut River Community Bank, by signing one simple Deposit Placement Agreement with us. Next, you select an interest rate and a maturity date that best match your investment goals. Your funds are then placed with our member network banks. CDs are issued to ensure full FDIC insurance coverage. Lastly, you will receive a written confirmation of your deposits and a listing of all your CD accounts in the program.
We continually strive to bring our community innovative banking solutions. For more information, visit one of our local offices in Wethersfield, Glastonbury or West Hartford, or call us at 860-513-1099 for more information.
