CDARS - Certificate of Deposit Account Registration Service
FDIC insures deposits up to $250,000 per individual or $500,000 between you and your spouse. For investors with even larger deposits, consider Certificate of Deposit Account Registration Service (CDARS). Using this unique program, coverage expands up to $50-million while Summit State Bank rapidly grows your deposits using CD-level interest rates.
With the convenience of CDARS there is no longer any need to run to multiple institutions so that you stay under the $250,000 limit. Avoid the hassles signing multiple account documents and managing several bank statements. With CDARS, you sign one agreement regardless of the number of CDs you open. One comprehensive statement shows your balance and maturity dates. You can contact Summit State Bank and get all your information.
How does CDARS work? When you place a large deposit with Summit State Bank, we use the CDARS network to place your funds into certificates of deposit issued by other high quality banks in the network. We use increments of less than $250,000 to ensure that both principal and interest are eligible for full FDIC insurance. Other network banks do the same thing with their customers' deposits. With the help of a sophisticated matching system, network banks electronically exchange funds. This exchange occurs on a dollar-for-dollar basis, so that exact amount of your original deposit remains at Summit State Bank. You gain the comfort of FDIC insurance and the growth of CD-level rates. Contact Us for more information.
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| Minimum deposit |
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| Maximum coverage |
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| Length of term |
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| Earned interest |
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| Eligible depositors |
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| Transfers and checks |
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| Convenience features |
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