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Can I speak to a Network Member about its experience using the CDARS service?
Several members of the Network would be happy to talk with you about how CDARS has impacted their bank. Please call 866.776.6426 for information on Network Member bank experiences, or get an overall snapshot of how bankers are using CDARS by visiting http://www.promnetwork.com/cdars-banker-quotes.html to read their comments. Whom should I contact to learn about joining the Network?
It is easy to become a member of Promontory’s Network – allowing you to offer the CDARS service, as well as other benefits. To find out more information, contact us at sales@promnetwork.com or 866.776.6426, 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 a
Network Member. However, credit unions can use CDARS
to invest their own funds; this allows them to reduce risk,
manage their balance sheets, and earn income (while receiving
just one regular statement). To find an institution
that offers the CDARS service in your area, click
here. Does Promontory provide support after my bank joins the Network?
Yes – all Network Members work with a regional team to implement and support the CDARS service at their institution. A Regional Director, Business Development Advisor, Account Executive, and Banking Education Specialist are assigned to every Network Member and each helps with key steps when joining the Network. Additionally, Promontory provides an initial supply of marketing materials for Network Members to try out and use, and houses an online fulfillment site that allows them to order customized additional turnkey marketing materials.
Who provides the additional FDIC insurance?
The FDIC insurance coverage available through CDARS is provided by the Network Members who issue your customers’ CDs, each less than $100,000. Your customers get the ease of working with just your institution, while receiving coverage from many.
Can I place up to $50 million for a single depositor
right away?
While CDARS is currently available
to provide access to FDIC insurance coverage on deposits up to $50 million, weekly sublimits do apply. Depending
on the maturities chosen, a depositor could place a total
of up to $50 million using CDARS over a period of two to three weeks.
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