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Introducing The Certificate of Deposit Account Registry Service (CDARS)

Almost anyone who wants to combine the convenience of working with one financial institution with the security of FDIC insurance will benefit from CDARS.

When you place a large deposit with us, we use CDARS to place your funds into certificates of deposit issued by other financial institutions in the CDARS network. This occurs in increments of less than $250,000 to ensure that both principal and interest are eligible for full FDIC insurance.

  • Full Insurance. With CDARS, you can access up to $50 million in FDIC protection on CD investments. [1]
  • One Bank. You only work with us to secure large deposits (from $100,000 to $50,000,000).
  • One Rate. You earn one interest rate on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.
  • One Statement. You receive one regular statement detailing your CD investments. You no longer need to consolidate statements at the end of each month, quarter, or year.
  • No Hidden Fees. There are no hidden fees of any kind. You will not be charged annual fees, subscription fees or transaction fees for using the CDARS service. The rate you see is the rate you get.
  • No Collateralization. Because CDARS deposits are eligible for full FDIC protection, you may not need to collateralize your deposits. This eliminates the time-consuming task of tracking collateral values. [2]
  • A Wide Variety of Maturities. You can select from various maturities - ranging from 4 weeks to 5 years (260 weeks) - and choose the terms that best suit your investment needs.
  • Community Involvement. Your funds can support lending initiatives, including special development projects that strengthen the local community. [3]
Questions?

If you have questions, please visit our Help Center, or contact us for assistance.

[1] Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with Cattaraugus County Bank. [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. [3] Because deposited funds are exchanged on a dollar-for-dollar basis with other banks in the network, Cattaraugus County Bank can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals/mandates. Alternatively, with a depositor's consent, the bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending. CDARS is a registered service mark of Promontory Interfinancial Network, LLC.