Published: February 25, 2008 04:41 pm            

Vision Bank named a top CDARS Bank in Oklahoma

ADA — Vision Bank was recently recognized as a leader among Oklahoma banks offering the CDARS® service. To date, Vision Bank has helped its customers access more than $250 million of Federal deposit insurance coverage by using CDARS. Vision Bank’s Senior Vice President for Money Management Janet M. Wilburn, said CDs issued through the CDARS service are “a very easy product to introduce to customers who are concerned about FDIC coverage.

“CDARS is easy for them to understand and every customer that we have in the program is more than happy with it,” she said.

CDARS is the premier service of Promontory Interfinancial Network, which allows its Network Members, like Vision Bank, to offer customers access to multi-million dollar FDIC insurance through a single bank relationship. With CDARS, customers can enjoy the peace of mind associated with full FDIC protection. Financial markets are experiencing high levels of volatility and the FDIC is recommending that investors keep funds fully insured.

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 safe, officers said.

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 created by Promontory Interfinancial Network, LLC. When a customer places a large deposit with a network member, that 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. CDARS customers work with only one bank and receive one account statement.

        

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