Whether you are a public entity that requires all your deposits be secured, or simply someone with a large amount of deposits that prefers working with only one bank, Citizens National Bank can meet your needs for FDIC insurance through three accounts we offer as part of the Promontory Interfinancial Network (Promontory).
According to Erich Buckenmaier, Regional Director, Promontory recognized the need of many community bank clients to access more than $250,000 insurance coverage. Most clients disliked having to split their deposits up among many banks in order to gain coverage and it made keeping track of their deposits difficult. Promontory developed a network of banks that by working together could solve this problem. Buckenmaier explains how the system works, "The customer's deposit is broken into amounts under the standard FDIC insurance maximum and placed with other banks that are members of the network so the entire client deposit is eligible for FDIC protection. The client works solely with Citizens National Bank who places the deposit into the network."
There are three account options depending upon your investment strategy.
- CDARS - If you want to capture a higher yield in the form of a fixed-rate, fixed-term Certificate of Deposit, this is a great option.
- ICS Savings - A money market account, this provides liquidity and allows for up to six withdrawals per month.
- ICS Demand - A demand deposit account, this provides unlimited withdrawals making it a good alternative to the TAG program.
To learn more about these accounts, visit http://www.cnbohio.com/Business/CashManagement/PromontoryFDICInsuranceProducts/ or contact our Treasury Management team, firstname.lastname@example.org.