Local Bank Offers up to $50 Million in FDIC Insurance Coverage
Executive National Bank launches a new product in response to increasing demands for secured financial investments.
Miami, FL (PRWEB) September 4, 2008 -- The downturn in the housing market and the ensuing undesirable mortgages held by many banks throughout the U.S. has resulted in devastating bank closures and left their customers questioning the safety of their deposits.
While traditionally, consumers have secured their finances by banking at well-known institutions and maintaining balances below the $100,000 FDIC insurance limit, growing wealth portfolios and instability amongst some of the most recognized names in the financial world have made that process a complicated and time-consuming burden. Executive National Bank's reputation of financially-responsible growth has quieted these fears and the introduction of its newly-launched CDARS program satisfies scrutiny of its most skeptical critics.
Executive National Bank is an award-winning institution recognized for its superior financial strength and stability. Bauer Financial, an unbiased source that rates financial institutions and credit unions, has awarded Executive National Bank its highest accolade of 5 stars for fourteen consecutive quarters and has recommended the bank for the past sixteen.
Through the Certificate of Deposit Account Registry Service, also known as CDARS, Executive National Bank can complement its reputation with a nationally recognized product that provides consumers access up to $50 million in FDIC insurance. Previously, safety-conscious consumers resorted to giving joint-status to family members and to dividing balances amongst several different institutions to increase their FDIC insurance coverage; with CDARS, consumers can negotiate one interest rate with one bank, view one consolidated statement, and manage one maturity date.
"We provide security and people are interested in security now," says Phil Battey spokesman for Promontory Interfinancial Network, proprietors of the CDARS product.
The CDARS program puts to an end the once tedious process of insuring funds in excess of $100,000 by uniting fiscally responsible banks from around the United States. Executive National Bank places time-deposits in increments of less than $100,000 throughout this extensive network to ensure that the principal and interest accruals qualify for FDIC insurance. Through a matching system, the dollar equivalent of the CDARS deposit remains at the local branch where it can be reinvested in the community.
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