First Choice Bank is a member of the Certificate of Deposit Account Registry Service (CDARS), which provides depositors with access to multimillion dollar FDIC insurance on Certificate of Deposit investments. Customers with large deposit balances, which would normally exceed the limits of FDIC insurance coverage, are perfect candidates for the CDARS program.
Through CDARS, First Choice Bank offers you a safe, convenient way to put your cash to work by having all of your CDs in one financial institution. With CDARS, banks can offer you multi-million-dollar Federal deposit insurance coverage. The standard FDIC insurance maximum is $250,000 per insured capacity, per bank. So, you can run around to multiple institutions to deposit your funds to receive the same coverage you can access using CDARS. Or you can place your large-dollar deposit with First Choice Bank. Through the services of CDARS Network, your deposit is divided into smaller amounts and placed with other CDARS Network members – each an FDIC-insured institution. Then, those member institutions issue CDs in amounts under $250,000, so that your deposit is eligible for FDIC insurance at each member bank. By working directly with First Choice Bank, you can receive insurance through many. Built and rigorously tested by seasoned banking professionals and experienced technology architects, CDARS is a proven system that serves the needs of companies, public funds organizations, individuals and non-profits across the United States.
Ask First Choice Bank about how CDARS can work for you. Please visit us at our Cerritos or Alhambra branches or call 1.877.256.9809.