Looking for a way to keep large deposits safe? Ask us about CDARS.
With CDARS, you can access multiple-millions of dollars of FDIC insurance on investments through Old Point National Bank.
There are few guarantees in life, but FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you.1
WHY CDARS?
Safety – You can access multi-million dollar FDIC insurance coverage Convenience – You work directly with Old Point. You earn one interest rate, receive one regular statement and one year-end tax form CD-Level rates – Your money earns CD-level returns which may compete favorably with other investment alternatives, including Treasuries, corporate sweep accounts and money market funds
HOW DOES CDARS WORK?
Old Point is a member of a special network. When you place a large deposit with us, we place your funds into CDs issued by other banks in the same network – in increments of less than $100,000 – so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from many banks while working with just one.
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank.
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.
And with CDARS, you can eliminate the need to monitor changing collateral values – another time saving convenience.
Of course, your confidential account information remains protected.
Ask us about how CDARS can work for you the next time you visit one of our branches, or email
ccdars@oldpoint.com for more information.