CDARS FDIC Insured CDs
Now you can invest up to $50 million and still be eligible for FDIC insurance on every dollar.
Enjoy the convenience of our new Certificate of Deposit Account Registry Service®,
or CDARS®, which provides all the security of certificates of deposit without a $100,000
limitation. Using CDARS, we will place your funds with multiple FDIC-insured institutions,
permitting you optimal FDIC insurance coverage. You will enjoy the simplicity of working
with just one bank, one relationship.
Why CDARS?
It’s one-stop shopping. With help from CDARS, you can access:
- Safety – Your money can receive up to $50 million in FDIC insurance coverage
by working just with us – the bank you know and trust.
- Convenience – You work directly with 1st Centennial Bank. You earn one interest rate
for each CD maturity and enjoy the option of reinvesting them through a simple process
and receive one regular statement. Individual investors receive one year-end tax form.
You can manage all of your CD investments through a single relationship.
- Simplicity – Receive one easy-to-read statement from our bank summarizing
all of your CD holdings. Record keeping is simplified with a consolidated 1099 for tax
reporting purposes.
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How does CDARS work?
We are members of a special network. When you place a large amount with us, we place your
funds into certificates of deposit issued by other banks in the network – in increments
of less than $100,000 – so that both your principal and interest are eligible for
complete FDIC protection. With help from a sophisticated matching system,
we exchange deposits with other banks that are members of the network.
What else should I know?
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.
How Do I Get Started with CDARS?
Contact us and we will help you complete the CDARS agreements. We will go over the rates and terms
available and assist you in selecting the maturity period that works best for you. 1st Centennial Bank
offers terms of 13, 26, and 52 weeks and 2 or 3 years. You may have interest paid at month end, or at
maturity directly into your account with us.
Ask us about how CDARS can work for you the next time you visit one of our branches, or
email us for more information.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.
Forms:
Request for Taxpayer Identification Number and Certification
CDARS® Deposit Placement Agreement
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1. 3rd party charges, such as
surcharge fees may apply.
The opening of any 1st Centennial Bank account is
subject to approval
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