 What is CDARS? |
| CDARS stands for Certificate of Deposit Account Registry Service. It offers an easy and convenient way to enjoy FDIC insurance on deposits greater than $100,000. If you have funds in excess of $100,000 you may bring the funds into Security Federal Savings Bank and your large deposit will be broken down into amounts under $100,000 and deposited into other banks that are part of the CDARS program. This will insure that your money is fully insured and you will have the convenience of working only with Security Federal. You will have one rate on all CD's and will receive one statement with all of your CD information listed. |
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| How Does CDARS work? |
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Step 1 |
You enter into one agreement with Security Federal. |
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Step 2 |
You select an interest rate and a maturity. |
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Step 3 |
Funds are deposited. Using CDARS, we place your funds in participating banks. |
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Step 4 |
CD's are issued. Participating banks issue CD's for less than $100,000 so you are fully FDIC insured. |
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Step 5 |
Confirmation is received. You will receive confirmation of your deposits and a listing of all of your CD's. |
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*Please inform us of any funds that you may have at other institutions.* |
| If you are interested or would like some additional information about the CDARS program, please call 574-722-6261. |
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