FDIC Insured CD Placement Program (CDARS)®
Enjoy the convenience of our Certificate of Account Registry Service®, or CDARS, which provides all the security of certificate of deposit account without a $100,000 insurance limitation. Now you can invest from $10,000 to $30 million and still be eligible for FDIC insurance on every dollar. Using CDARS, we will place your funds with multiple FDIC insured institutions, permitting you optimal FDIC coverage. You will enjoy the simplicity of working with just one bank, having one relationship. It’s the perfect place for your reserve, settlement or reconstruction funds.
Additional Benefits Include:
- A single Deposit Placement and Custodial Agreement
- Future placements do not require additional agreements
- No fees to the association for placement
- Terms available from 4 weeks to 5 years with daily compounding interest
- One easy to read monthly statement and single, year end 1099 form for all CDARS accounts to simplify tax reporting and compliance
Reserve Investment Fund (RIF) Sweep Account
First Bank’s Reserve Investment Fund (RIF) is an investment product for associations with substantial reserves that need to remain liquid. This two-part product incorporates the ease of a checking account with the safety and liquidity of a money fund that is ultimately secured by investments backed by the full faith and credit of the Unites States government. The RIF account combines Federated Investors’ Automated Government Money Trust (AGMT)* with a First Bank Access Checking Account to make depositing and withdrawing from the reserves as simple as possible.
The fund invests primarily in a portfolio of short-term U.S. Treasury securities maturing in 397 days or less. These investments include repurchase agreements collateralized fully by U.S. Treasury securities. The fund will have a dollar-weighted average portfolio maturity of 90 days or less.
- Association accounts monitored daily to insure combined balances in all accounts do not exceed FDIC insurance limits.
- If combined balances exceed FDIC limits, excess funds are automatically transferred from the Access Checking to the AGMT* portion of the account.
- Checks may be written for the combined balance in both portions of the account. Funds from the AGMT* portion will automatically transfer to cover the checks.
*AGMT money funds 1) are not insured by the FDIC; 2) are not deposits or other obligations of the bank; 3) are not guaranteed by the bank; and 4) are subject to investment risks, including the possible loss of the principle investment.
To find out more about Reserve Investments, contact the Association Bank Services Relationship Manager nearest you.