CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICE - CDARS

Program allowing the public to deposit their money in several banks. It is designed to help individuals investing in certificate of deposits (CDs) to remain below FDIC insurance limits at any participating bank. Normally, to avoid exceeding the FDIC limit, consumers spread their money in different banks. It eliminates the need to go from one bank to another in order to deposit money. Comprised of a network of banks, using CDARS is as simple as looking for a nearest bank and placing the money with that bank. Then, the bank spreads the money throughout several banks, making sure the deposited money does not exceed the FDIC limit. As part of this program, the client conducts business only with the local bank and receives a single statement with the information in every account.

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