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. 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 entire deposit is eligible for FDIC insurance. By working with only us, you can receive insurance from many.

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

Yes, for the first time in more than 25 years, Congress raised the limit on the Federal deposit insurance coverage that protects retirement savings to $250,000. The basic insurance coverage for other accounts has just 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 the additional FDIC insurance coverage - each up to $250,000. Working with just us, you get coverage from many.

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

When network members swap 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.** (CDARS Reciprocal^sm transactions only.)

Is my account information safe?

Your account information is protected; your relationship remains between you and SpiritBank.

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