Worried About the Safety of Your Money?
Get Peace of Mind with Arrowhead Community Bank's CDARS
GLENDALE, Ariz. - (Oct. 1, 2007) - Even though headlines report huge financial losses, large businesses in trouble and turmoil in the securities and other markets, you can enjoy the total security today of up to $50 million in FDIC insurance coverage at Arrowhead Community Bank.
Through a service called the Certificates of Deposit Account Registry (or CDARS, which is pronounced "cedars"), Arrowhead Community Bank can offer you up to 500 times the standard $100,000 level of FDIC coverage found at most banks.
"There is nothing safer than FDIC insurance," said Arlene Kulzer, president/CEO of Arrowhead Community Bank.
"Why? Since the FDIC was created in 1933, no one has lost a single penny in an FDIC-insured account. Because of FDIC insurance, four generations of Americans have been able to sleep soundly at night knowing that their money is fully protected," Kulzer said.
"Now with CDARS, we can protect depositors for up to $50 million, and that means that you can sleep soundly without worrying about your money, too," she added.
CDARS is a deposit placement service. Deposits placed through CDARS meet the pass-through insurance coverage guidelines established by the FDIC.
To offer CDARS, a bank must belong to a special network called the Promontory Network. When a customer places a large deposit with a Network member, the bank arranges for the placement of funds into CDs issued by other Network banks - in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC protection.
From the customers' point of view, CDARS is one-stop shopping. Regardless of the number of CDs they receive, CDARS customers work with only one bank, sign only one agreement and receive one account statement.
Currently, more than 1,700 institutions, including Arrowhead Community Bank, are members of the Promontory Network. CDARS, which was first offered in January 2003, is endorsed by the American Bankers Association.
"If you have ever heard the saying 'As safe as money in the bank,' you know how valuable FDIC insurance coverage is," says Kulzer. "At Arrowhead Community Bank, we're delighted that we can offer you many times the coverage that most other banks can."
Arrowhead Community Bank is a full service financial institution that has been part of the West Valley since opening its doors in September 2000. The bank and its staff are deeply committed to community involvement and three years in a row, Arrowhead Community Bank was recognized as a top small business (less than 50 employees) in Corporate Volunteerism by the Maricopa County Volunteer Center. The bank has been active with several community organizations, including Habitat for Humanity of the West Valley where it generated in-kind donations and supplied volunteers to build two homes in the City of El Mirage.
