CDARS®
Looking for a way to keep large deposits safe? CDARS® is an extension of FDIC coverage there by providing a guarantee of large deposits beyond FDIC Insurance.*
Whether you are a private investor, corporation, small business, non-profit organization or a public sector group, you can take advantage of this unique service.
Great Reasons for CDARS®
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Safety – Your money can receive millions of dollars in FDIC insurance
coverage.
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Convenience – You work directly with Summit Bank. You earn one interest rate and receive one regular statement. Individual investors receive one year-end tax form.
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Community Investment – The full value of your money can support lending opportunities in your local community.
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CD-Level Rates – Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts and money market funds.
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A Wide Variety of Maturities – You can select from various maturities – ranging from 4 weeks to 5 years (260 weeks) and choose the terms that best suit your investment needs.
How does CDARS work?
Summit Bank is a member of a special payment processing network utilizing the Entrust Bankcard platform.. When you place a large deposit with us, we place your funds into certificates of deposit issued by other banks in the network – in increments of less than $100,000 – so that both your principal and interest are eligible for complete FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.
For more information on CDARS®, please speak with any of Summit Bank’s professional staff member for more information including disclosures of terms and restrictions.
*Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Summit Bank. The agreement contains important information and conditions regarding the placement of funds by us. Please read the agreement carefully before signing it.
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