Wilber National joins banks to offer increased deposit coverage over $100K

July 29, 2008 by · Leave a Comment
Filed under: Industry News 

The Business Review ran a news piece about Wilber National bank joining the Certificate of Deposit Account Registry Service known as CDARS. This service is geared towards wealthier customers with deposits that exceed the FDIC‘s standard coverage of $100,000.

They join Adirondack Trust, Capital Bank & Trust, First Niagara Bank, Glens Falls National Bank & Trust, Union National Bank of Kinderhook, Pioneer Bank and Saratoga National Bank & Trust Co.

They system works by allowing a participating bank keep the FDIC limit ($100K) and then use the CDAR database to find another bank without deposits from the customer and then put those funds into that bank to keep the customer covered under the FDIC.

Here is a comment from Robert Hayes, VP of the Mortgage and Lending department at Wilber National.  “In the wake of recent economic crises and banking sector weakness, we want our customers to know that Wilber National Bank offers them the opportunity to ensure their savings beyond the standard $100,000 per person,” said Robert Hayes, senior vice president of mortgage lending and market development. “With the safety and convenience that our bank offers through CDARS, our customers have a new, smart option to help them manage their money.”

Source: The Business Review

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