CDARS

CDARS is the Certificate of Deposit Account Registry Service.  It’s the easiest way to enjoy full FDIC insurance on deposit amounts larger than $250,000.

• One Bank - Everything is handled through Clear Mountain Bank. Your large deposit is broken into smaller amounts and placed with other banks that are members of a special network. Then, those member banks issue CDs in amounts under $250,000, so that your entire investment is eligible for FDIC insurance. By working with just one bank –our bank –you can receive insurance from many. 
• One Rate - You earn one rate on your entire investment –so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks. 
• One Statement - You receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there’s no need to manually consolidate statements, track changing collateral values, or use private surety bonds.

Choose from various retirement plans offered by Clear Mountain Bank to suit your needs. 

1. You enter into one agreement. 
   You sign one simple Deposit Placement Agreement with us. 
2. You select an interest rate and a maturity. 
   Based on our current CD options, you decide on a rate and a maturity that best matches your investment goals. 
3. Funds are deposited. 
   Using CDARS, we submit your funds for placement at member banks. 
4. CDs are issued. 
   Member banks issue CDs in denominations under $250,000 so your entire investment is eligible for full FDIC insurance coverage. 
5. Confirmation is received. 
   You receive written confirmation of your deposits and a listing of all your CDs.

That’s it! Using CDARS is just that easy. 

In short, any organization or individual who wants to combine the convenience of working with a single bank with the security of FDIC insurance can benefit from CDARS. 

To learn more, talk to your account manager or one of our customer service representatives.