Insuring to $10 Million
Main Street Bank, Herndon, VA recently became the first locally owned bank in Virginia to offer customers FDIC insurance up to $10 million. The insurance is possible through Certificate of Deposit Account Registry Service (CDARS), a program launched a year and a half ago that allows banks, through a sophisticated computer network, to place customer deposits in CDs and other financial instruments at other FDIC-insured banks, but manage the deposits through one portfolio at the participating CDARS bank. The CDARS program is run through Promontory Interfinancial Network, Arlington, VA.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 12, 1/05
First published on 01/01/2005