CDARS® the Certificate of Deposit Account Registry Service®
Looking for a way to keep large deposits safe?
Ask us about the Certificate of Deposit Account Registry Service®, or CDARS®.
With CDARS, you can access multi-million-dollar FDIC insurance through Summit Community 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 or your business.*
It's one-stop shopping. With help from CDARS, you can access:
SAFETY Your money can access multi-million-dollar FDIC insurance coverage.
CONVENIENCE You work directly with us. You earn one interest rate per maturity and receive one regular statement. Individual investors receive one year-end tax form.
CD-LEVEL RATES Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts and money market funds.
How does CDARS work?
We are members of the CDARS Network. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network. Then, those banks issue CDs in amounts under the standard FDIC insurance maximum ($250,000) so that your investment is eligible for FDIC protection. By working directly with just one bank - Summit Community Bank - you can receive insurance through many. Also, we can make the full amount of your deposit available for lending in the local community. **
What else should I know?
Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates per maturity, 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 on an ongoing basis - 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 call 877-77-MYSCB for more information.