Cdars Custodial Agreement

You sign an ICS Deposit Investment Agreement (ICS DPA) and a Deposit Agreement. The first steps with the CDARS program are simple. First, visit your local FVCbank subsidiary, where you will be asked to sign a CDARS deposit agreement as well as a deposit agreement. You can then invest funds with a member of the CDARS network. Your money is invested with the program and your CDs are spent by members of the program network. Shortly thereafter, you will receive a confirmation of your CDs from your financial institution. FVCbank will also provide you with regular consolidated interest payments and bank statements. CDARS has been designed to meet FDIC`s Pass Through deposit guarantee requirements. Everything is done through a member of the CDARS network of your choice.

The thousands of financial institutions that can offer CDARS are members of a unique network. If you make a large deposit with a CDARS network member, that institution uses the CDARS service to place your money on CDs issued by other CDARS network members. If you`re ready to enjoy the benefits of Insured Cash Sweep and/or CDARS, there are five simple steps to get started. Click here to learn more about FDIC insurance… This is done in stages below the standard FDIC insurance maximum (250,000 USD), so that both principal and interest are eligible for FDIC insurance. If you work directly with a single institution, you may be covered by a lot. And you will only receive a regular and consolidated statement of account. You identify an existing transaction account (or insert a new one) for use with each ICS option.

The program is also one of the most comfortable, so you can work with a bank you trust, while earning a negotiated rate and getting a single regular settlement from your bank. Another unknown benefit is that your money helps support credit opportunities in your local community. With the CDARS program, you no longer need to waste time managing multiple relationships with banks. For more information about the CDARS program or to open a business account, contact FVCbank today. CDARS, abbreviated certificate of Deposit Account Registry Service, is a simple and convenient way to fully exploit the benefits of FDIC insurance for deposits over $250,000. If you want to invest in Certificates of Deposit (CDs) and stay below the insurance limits set by the FDIC with your local bank, the CDARS program can help. The program allows investors to deposit money with different banks without having to go from bank to bank to deposit money. CDARS is available in all 50 states as well as Puerto Rico, the District of Columbia and Guam. While your CDs may come from financial institutions across the country, your funds can still be used locally. This is because CDARS network members exchange dollar-for-dollar deposits and ensure that the same amount of funds placed through the network is returned to your financial institution. This means that your initial deposit amount can remain at your financial institution and be used by you on the spot. Your account information is protected; Your relationship between you and Washington Trust is maintained.

There are several reasons why companies choose to invest funds in the CDARS program.