Decatur First Bank Now Offers CDARS and Eco-Banking
Decatur Metro | July 30, 2008VP 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…