Looking for a way to keep large deposits safe? Ask us about
CDARS and learn how to enjoy the security of FDIC insurance
without its $250,000 limitation.
(Effective October 3, 2008 through
December 31, 2009, the FDIC Insurance coverage has been
increased from $100,000 to $250,000).
With CDARS, you can receive up to $50 million in FDIC protection
through First Northern Bank. There are few guarantees in life –
FDIC insurance is one of them. CDARS can be a valuable cash
management or longer-term investment tool for you or your
business.1 Through CDARS, we will place your funds with multiple
FDIC-insured institutions, permitting you optimal FDIC insurance
coverage. One Bank. One Rate. One Statement.
Great for Individuals, Non-Profits, Public Funds, Advisors,
Businesses, and Socially Motivated Investors.
Full Insurance. Using the CDARS service, you can access
up to $50 million in FDIC protection on CD investments.
One Bank. You work with us – the bank you know and trust
– to secure your large deposits.
One Rate. You earn one interest rate on you CD
investments through CDARS. With CDARS, there is no need to
negotiate multiple rates or manually tally disbursements for
each CD.
No Fees. There are no hidden fees of any kind. We do not
charge annual fees, subscription fees, or transaction fees for
using the CDARS service; the rate you see is the rate you get.
No Collateralization. Because CDARS deposits are eligible
for full FDIC protection, you may not need to collateralize your
deposits, thus eliminating the time-consuming task of tracking
collateral values.
A Wide Variety of Maturities. You can select from various
maturities – ranging from 4 weeks to 3 years (156 weeks) – and
choose the terms that best suit your investment needs.
Community Investment. Your funds can support lending
initiatives, including special development projects that
strengthen the local community.2
What else should I know?
Now, you no longer have to spend time managing multiple bank
relationships, administering various interest rates, organizing
interest disbursements from various sources, or manually
consolidating monthly statements. This reduces your
administrative burden, especially during tax and financial
reporting seasons. Of course, your confidential account
information remains protected.
As us about how CDARS can work for you next time you visit
one of our branches, or
contact any one of our Financial Services Managers for more
information.
1 Funds may be submitted for placement only after a depositor
enters into the CDARS Deposit Placement Agreement with First
Northern Bank. The agreement contains important information and
conditions regarding the placement of funds by us
2 This benefit applies to some, but no all types of CDARS
transactions. Let us know if this benefit is important to you,
so that we can explain the relevant terms and conditions in more
detail.
CDARS is a registered service mark of Promontory
Interfinancial Network, LLC.
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