Certificate of Deposit Account Registry Service - CDARS

A program that allows the public to spread money around various banks. The purpose of CDARS is to help people who invest in certificate of deposits or CDs to stay below FDIC insurance limits at any given bank. Usually, to avoid exceeding FDIC limits at a bank, consumers deposit their money in different banks. CDARS is a program that eliminates the need to go from bank to bank in order to deposit money, and is comprised of a network of banks.

Using CDARS is as simple as finding a participating bank close to you (local bank) and depositing your money with the bank. The local bank then spreads your money across several banks, ensuring that the amount of money in each bank is never above the FDIC limit. As part of the CDARS program, the consumer conducts business with only the local bank and receives one single statement that contains information for each account.

Certificate of Deposit Account Registry Service (CDARS) is a program run by Promontory Inter-financial Network (PIN). PIN was founded by the former comptroller of currency, Eugene Ludwig.