provided initial analyses of all the feedback and information provided by the group and then focused two of the meetings on providing the opportunity for individuals to anonymously revise their views.
Hune said if credit unions are not allowed to become CDARS members, there has been talk with CUNA and the Promotory Interfinancial to possibly develop an exchange strictly for credit unions.
This has led consumers looking for additional, long-term security to turn to banks enrolled in the CDARS program, which is offered free of charge to bank customers.
The idea for CDARS came from the experiences of three bank regulators who observed large public deposits being channeled out of local community banks and into the money markets during the 1990s.
During the first month that the new program was offered, Community Bank took in $4 million in CDARS accounts, Jackson said.
It was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS -- a solution that provides multi-million-dollar FDIC insurance.
Parkway can offer the service because it is a member of the CDARS network that exchanges deposits with other banks in increments of less than $100,000, so both principle and interest qualify for FDIC insurance.
MainStreet Bank was the first bank headquartered in the Commonwealth of Virginia to offer CDARS -- a solution that provides multi-million-dollar FDIC insurance.
recently announced a product to answer these needs: CDARS One-Way.
NCB is contacting customers nationwide to promote its membership in the CDARS Network.
When a bank initiates a CDARS transaction, the bank can choose its own interest rate.
He said that some of the new deposits that Metropolitan National has been attracting because of its CDARS program have been far in excess of seven figures.