| Depositors with more than $100,000 no longer have to go to different banks to be covered by Federal deposit insurance. Utilizing the Certificate of Deposit Account Registry Service or CDARS, Viking Bank can now provide up to $50 million dollars in FDIC insurance coverage on Certificates of Deposit for both consumers and businesses.
“This is one-stop shopping,” says Viking Bank Senior Vice President and Retail Sales Market Manager, Dana Giove. “Bringing CDARS to our bank allows us to satisfy customer demand for both safety and convenience.”
When customers open a CDARS Certificate of Deposit with Viking Bank, it use a special network to place the funds into CDs issued by other banks also belonging to the network. These CDs are in increments of less than $100,000 so that both principal and interest are eligible for complete FDIC protection. As a result, customers can receive insurance coverage from many banks while working with just one.
To learn more about the CDARS product offered by Viking Bank, visit online at www.vikingbank.com.
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