- AGRICULTURAL BANKING
Looking for a way to keep large deposits safe? Ask us about CDARS. It's a great solution for: businesses, nonprofit organizations, public funds managers, trustees, financial advisors, individuals, and credit unions.
With CDARS, you can access multi-million-dollar FDIC protection through Midwest Bank. There are few guarantees in life - FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you or your business.*
It's one-stop shopping. With help from CDARS, you can be assured of:
How does CDARS work?
Midwest Bank is a member of the CDARS Network. We place your funds into certificates of deposit issued by other banks in the network - in amounts under the standard FDIC insurance maximum of $250,000 - so that both your principal and interest are eligible for FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.***
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank. As a result, we can make the full amount of your deposit available for lending opportunities in the local community.
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 on an ongoing basis - 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 e-mail us for more information.
*Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Midwest Bank. The agreement contains important information and conditions regarding the placement of funds by us. If you are subject to restrictions with respect to the placement of your funds in depository institutions, it is your responsibility to determine whether the placement of your funds through CDARS satisfies those restrictions.
**When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, we can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.
***With customer consent, we may choose to receive fee income instead of matching deposits from other banks.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.