Is anyone familiar with CDARS accounts?

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Submitted by citydweller on March 16, 2008 - 8:44pm

Does anyone know if CDARS accounts are really a safe place for deposits over $100,000? Supposedly you can deposit several $100,000 dollars into one bank, they then deposit it to several different banks with each account being just under $100,000, so all the money is FDIC insured. Can any bank do this?

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sounds like a clever way to
Submitted by patb on March 16, 2008 - 9:11pm.

sounds like a clever way to lose mone

CDARs are totally legit for
Submitted by davelj on March 16, 2008 - 9:28pm.

CDARs are totally legit for people who need more than $100K insured and don't want to screw around with having accounts at multiple banks. I posted on this several months ago. For some perspective, I'm a director of a bank that offers CDARs.

davelj, thanks. I'll look
Submitted by citydweller on March 16, 2008 - 9:49pm.

davelj, thanks. I'll look for your previous posts.