VP of Decatur First Bank, Jack Regan, recently wrote in to let residents know that his bank now offers both CDARS (Certificate of Deposit Account Registry Service) and Eco-Banking.
It took me a bit to get my head around the CDARS service, but I think I get it now.
If you’ve got a cool $50 million hanging around (or anything over $100,000) and want it in FDIC-insured CDs, you no longer need to run around to a hundred different banks depositing $100,000 at each (which used to be the case). Instead, the CDARS service (pronounced ‘cedars’) allows one bank to distribute your money amongst a network of “well-managed banks”. So you get only one statement, one tax document, etc… If I’m not making any sense, this BankRate article does a good job of describing the service.
Also Jack DFB is now offering “Eco-Banking” which includes online banking, e-statements, remote deposit, and 10 free ATM withdraws a month at ANY ATM. Additionally, new customers will receive a free “Decatur Shops Green” tote bag!
Jack, let me know if I got all that right…