CDARS (CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICE)
The safety of FDIC insurance coverage...the convenience of a local bank relationship.
Through the Certificate of Deposit Account Registry Service SM , or CDARS SM , Yakima National Bank offers you a safe, convenient opportunity to put your cash to work, plus the benefit of FDIC insurance protection of every dollar. And your personal financial information is protected.
Until now, there were few ways an investor could enjoy full FDIC insurance on deposits larger than $250,000. All that has changed.
Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS is a proven system that serves the needs of companies, organizations, individuals and non-profit entities across the United States.
Through CDARS, large deposits can now be placed by Yakima National Bank into smaller-denomination CDs at multiple institutions. This service can offer you significant benefits:
- Safety of FDIC insurance for large deposits. Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits over $250,000 can be eligible for full FDIC coverage, up to $20 million.
- CD interest rates may compare favorably with those of other high-quality, fixed-income investments
- Management convenience. You can manage all of your CD investments through a single relationship
- Security of working with a trusted, local source. Your transaction is managed by the people you know and trust at Yakima National Bank.
- Simplified Record Keeping. Yakima National Bank will provide a consolidated 1099 that reports your taxable income.
Transactions through CDARS are processed quickly and easily
- Submit an order. You submit a CDARS* order with help from Yakima National Bank staff
- Agree to a maturity period. You select one of the maturity periods offered by Yakima National Bank
- Deposit through Yakima National Bank. Your funds are submitted by us for placement through CDARS
- CDs issued through the CDARS system. Your money is placed into CDs with denominations under $250,000, which are issued by other banks and thrifts; your entire deposit, up to $20 million, can be eligible for FDIC insurance coverage
- Confirmation of deposit. When your CDs are issued, you recieve notification confriming your deposit
OTHER KEY BENEFITS:
By placing your funds through CDARS, you can earn income, preserve capital, access FDIC insurance on your total deposit, and benefit from the security that comes with a Yakima National Bank relationship.
Interest is paid directly to you or to an account you designate. Each month, Yakima National Bank will send you a statement listing all your CDs, the banks issuing the CDs, maturity dates, interest earned, and other details.
*Funds may be submitted for placement through CDARS only after a depositor has another bank account with Yakima National Bank and enters into the CDARS Deposit Placement Agreement with Yakima National Bank. The agreement contains important information and conditions regarding the placement of funds through CDARS. Please read the agreement carefully before signing it.
