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#115759 - 09/19/03 02:35 PM Cds offered through CDARS system
Anonymous
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Our bank is considering offering this product. This product as I understand it offers the customer the ability to have funds over $100,000 FDIC insured at the same instituion, because the institution farms out the money to another institution. Is anyone familiar with this product and are there any consumer compliance issues with this?

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#115760 - 09/19/03 03:44 PM Re: Cds offered through CDARS system
Inquisitor / Sommelier Omega Offline
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Inquisitor / Sommelier Omega
Joined: Aug 2003
Posts: 1,357
A Grant Wood painting.
I don't know that CDARS actually farms out the money as much as they spread out the insuance coverage. I am checking into this myself. I talked to people from one bank that claims Promontory Interfinancial Network does a good job. (www.promnetwork.com) This is NOT a recomendation as I have not tried it myself. That will be after October 1st and after I set us up for HMDA .
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