In our current economic climate, it is easy to understand how uncertainty can creep into the minds of bank clients. However, at Bank of Oak Ridge we continue to be a solid, secure banking institution in terms of asset quality, capitalization, earnings and liquidity. Add to that the expanded FDIC coverage available at our community bank, and you can rest easy knowing that your funds are safe.
At every bank, all deposits are insured by the FDIC for up to $100,000 per depositor, per bank and up to $250,000 for retirement accounts. At Bank of Oak Ridge, you can receive up to $50 million in FDIC protection using CDARS®.
This option offers:
• Safety – Your money can receive up to $50 million in FDIC insurance coverage.
• Convenience – You work directly with us. You earn one interest rate and receive one regular
statement. Individual investors receive one year-end tax form.
• Community Investment – The full value of your money can support lending opportunities in your
local community*.
• CD-Level Rates – Your money earns CD-level returns, which may compare favorably with other
investment alternatives, including Treasuries, corporate sweep accounts, and money market
funds.
How does it work?
We are members of a special network. When you place a large amount of funds with us, we place your funds into certificates of deposit issued by other banks in the network – in increments of less than $100,000 – so that both your principal and interest are eligible for complete 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 community lending purposes.
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 option is a great solution for:
Businesses
Nonprofit organizations
Public funds managers
Trustees
Financial advisors
Individuals
Credit unions
For more information, contact any Bank of Oak Ridge office location
.
*This benefit applies to some, but not all types of CDARS transactions. Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.
Equal Housing Lender
- Member FDIC