Ever heard of CDARS? FDIC insurance up to 50 mil

Discussion in 'Economics' started by Traber, Oct 12, 2008.

  1. Traber


    Got some mail from a local bank about opening an account and combined with CDARS or Certificate of Deposit Account Registry Service, can get up to 50 mil insured. Searched ET but found nothing.

    Wondering if any ETers know about this?

  2. western


    Yeah its been a lot of press lately. Its a good idea in theory but the problem is that almost all the participating banks are small community banks. You need to pick a primary bank to handle all your transactions, so you won't get the huge nationwide network of a chase or bank of america.

    Plus if your primary bank happens to go under, that could cause a huge logistical nightmare.

    Anyways the point is probably moot as alot of analysts expect the fed to guarantee 100% of all us bank deposits very shortly anyways.