CDARS is the Certificate of Deposit Account Registry Service. It is the most convenient way to enjoy full FDIC insurance on deposits of up to $50 million. With CDARS, you sign one agreement with Harford Bank, earn one interest rate, and receive one regular statement. It's that easy. CDARS is the perfect solution for many depositors — from non-profits and public funds to businesses, advisors (including trustees, CPAs, financial planners and lawyers) and individuals, as well as socially-motivated investors. You've worked hard for your money. Now let it work hard for you.
Harford Bank can offer CDARS because they are members of a special network.
When you place a large deposit with Harford Bank, we use CDARS to place your funds into certificates of deposit issued by FDIC insured banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance.
Other network members do the same thing with their customers' deposits. With the help of a sophisticated matching system, network members exchange funds. This exchange occurs on a dollar-for-dollar basis, so that the equivalent of your original deposit comes back to Harford Bank and effectively stays local (meaning the full amount can support lending initiatives that build a stronger local community). Alternatively, with your consent, network members can receive fee income instead of matching deposits. In either case, the full amount of your original deposit becomes eligible for complete FDIC protection and you receive just one regular statement detailing all your holdings.
Almost anyone who wants to combine the convenience of working with one financial institution with the security of FDIC insurance can benefit from CDARS.