BOCA RATON, Fla., Oct. 8, 2008 (GLOBE NEWSWIRE) -- Depositors with more than $250,000 no longer have to go to different banks to be covered by Federal deposit insurance.
With a new service -- the Certificate of Deposit Account Registry Service or CDARS -- Sun American Bank can provide a customer multi-million dollar FDIC insurance on CD investments.
"This is one-stop shopping," says Sun American Bank President Michael Golden. "Bringing CDARS to our bank allows us to satisfy customer demand for safety and convenience. In effect, a risk free investment, it is a new, smart option to help customers manage their money."
In 1980, Congress set FDIC coverage limits at $100,000 per account and just recently increased the coverage limits to $250,000. Inflation over the past 28 years has eroded approximately half the value of that coverage.
How does CDARS work? Through a sophisticated computer network, Sun American Bank places customer funds among other FDIC-insured banks, allowing customers to manage all their funds through one portfolio at Sun American Bank. Customers benefit from the ease of working with only one institution and receiving only one statement.
Sun American Bank has been serving the greater South Florida area for more than 15 years. We continually strive to bring our community innovative banking solutions. For more information, visit www.sunamericanbank.com or call (561) 544-1908.
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