How can deposits greater than $250,000 be insured by the FDIC?

The FDIC currently insures up to $250,000 per customer per financial institution, so you could run around to many institutions to deposit your funds to receive the same coverage you get using CDARS [1]. Or you can place your large-dollar deposit with us. We'll break your funds into smaller amounts and place them with other banks that are members of the CDARS® Network. Then, those member banks issue CDs in the smaller amounts, under $250,000, so that your deposit is eligible for FDIC insurance. By working directly with just us, you can receive insurance from many.

Has Congress increased the FDIC insurance level for IRAs and other qualifying retirement accounts?

Yes, in 2006, Congress raised the limit on the Federal deposit insurance coverage that protects retirement savings to $250,000. The basic insurance coverage for other accounts was recently changed to $250,000.

Who provides the additional FDIC insurance when I place deposits using CDARS?

Network members that issue your CDs through CDARS provide access to additional FDIC insurance coverage - each up to $250,000. Working with just us, you are eligible for coverage from many.

How can my funds be used locally if my CDs are from financial institutions all over the country?

When members of the CDARS Network exchange deposits on a dollar-for-dollar basis, the same amount of funds placed through the Network returns to your financial institution. As a result, the total value of your original deposit can remain with us and be used for local lending. [2] ** (CDARS® Reciprocalsm transactions only.)

Is my account information safe?

Your account information is protected; your relationship remains between you and Our Community Banks.

[1] Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with Our Community Banks. The agreement contains important information and conditions regarding the placement of funds by us.

[2] If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor's funds through CDARS or a particular CDARS transaction satisfies those restrictions.

**CDARS is a registered service mark and Reciprocal is a service mark of Promontory Interfinancial Network, LLC.