How is CDARS® pronounced?
CDARS is pronounced, “cedars.”
Can I speak to a Network member about its experience using the CDARS service?
Several members of the Promontory Network would be happy to talk with you about how CDARS has created positive results for their institutions. Please call 866-776-6426 (toll-free) and select option 2 (Treasury Desk) for information on Network member experiences, or get an overall snapshot of how institutions that offer CDARS are using it by visiting the Testimonials page to read their comments.
Whom should I contact to learn about joining the Promontory Network?
It is easy to become a member of the Promontory Network – allowing you to offer CDARS, as well as other member benefits. To find out more, contact us at sales@promnetwork.com or 866-776-6426 (toll-free) and select option 2 for the appropriate Promontory Regional Director, who will help you to complete the process of joining.
Can a credit union join the Network?
Because credit unions are not insured by the FDIC, they cannot offer CDARS at their institutions or become Promontory Network members. However, credit unions can use CDARS to invest their own funds (and many do, with average holdings of approximately $5 million at any given time); this allows them to reduce risk, manage their balance sheets, earn income, and receive just one regular statement. Find financial institutions that offer the CDARS service in your area.
Does Promontory provide support after my bank joins the Promontory Network?
Yes. All Promontory Network members work with a regional team to implement and support CDARS at their institutions. A Regional Director, Business Development Advisor, and Account Executive are assigned to every Promontory Network member, and each helps with key steps after a member joins the Network. Additionally, Promontory provides an initial supply of marketing materials for Network members to use, and houses an online fulfillment site that allows members to order customized, turnkey marketing materials.
Who provides the additional FDIC insurance?
The FDIC insurance coverage available through CDARS is provided by Promontory Network members who issue your customers’ CDs, each in amounts less than the standard FDIC insurance maximum. Your customers get the ease of working directly with just your institution while receiving FDIC coverage from many.
How much can I place for a single depositor right away?
While CDARS is currently available to provide access to multi-million-dollar FDIC insurance coverage and while overall limits and weekly sub-limits do apply, with notice, we frequently can accommodate requests to place tens of millions of dollars at a time. Just contact Promontory's Treasury Desk at 866-776-6426 and select option 2 to initiate a discussion. Network members can access the current limits by visiting the secure portion of the CDARS Application Limits and Product Terms.
Is the FIL-29-2010 that was issued by the FDIC on Monday, June 7, 2010, addressing the Certificate of Deposit Account Registry Service (CDARS)?
We have not had a problem in any of the areas addressed in the FIL-29-2010 issued by the FDIC on June 7, 2010. The letter mentions, in particular, “third-party affinity groups or trade associations” that place deposits, and we’re neither of those. More important, we have always operated CDARS in accordance with the principles outlined in the letter, and we will continue doing that. More…