CDARS® Frequently Asked Questions
How can deposits greater than the standard FDIC insurance maximum be insured by the FDIC?
Who has custody of my funds?
Unique to CDARS, a depositor can obtain a confirmation of records maintained by BNY Mellon as sub-custodian in order to reconcile those records with the statements received from us. At any time, as often as desired, a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of his or her CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS.
You can submit a request for the certified statement, along with BNY Mellon’s processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party, such as an auditor, designated by you.
How can my funds be used locally if my CDs are issued by financial institutions all over the country?
Is my account information safe?
What happens if a CDARS Network member bank fails?
Please go to http://www.fdic.gov/deposit/index.html to learn more about FDIC insurance.
 Limits apply. Funds may be submitted for placement only after an investor enters into a CDARS Deposit Placement Agreement with our bank. This agreement contains important information and conditions regarding the placement of funds.
 If an investor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the investor to determine whether the placement of the investor’s funds through CDARS or a particular CDARS transaction satisfies those restrictions.
 Because deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, our bank can use the full amount of a deposit placed through CDARS for local lending, satisfying some investors’ local investment goals/mandates. Alternatively, with an investor’s consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.
 The standard FDIC insurance coverage amount is $250,000 per insured capacity per bank through December 31, 2013. Thereafter, the standard FDIC coverage amount will revert to $100,000 unless Congress further extends the higher coverage amount. Accordingly, for CDs that mature on or before December 31, 2013, customer funds will be allocated to banks that are members of the CDARS Network in amounts up to $250,000 and for CDs that mature after December 31, 2013, customer funds will be allocated in amounts up to $100,000.
 *As reported by BNY Mellon in December 2009.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.