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Quantum National Bank to Offer Multi-million Dollar Federal Deposti Insurance Coverage on CD Investments
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1/24/2008
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Suwanee, GA. (2/15/2008) – Depositors with more than $100,000 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 – Quantum National Bank can provide a customer multi-million dollar FDIC insurance on CD investments.
“This is one-stop shopping,” says Dana Litman, Senior Vice President & Chief Financial Officer. “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. Inflation over the past 26 years has eroded more than half the value of that coverage.
“Who needs it? Not just the wealthy. Retirees, small business owners, nonprofit organization managers – anyone who wants security,” Mr. Litman added.
How does CDARS work? Through a sophisticated computer network, Quantum National Bank places customer funds among other FDIC-insured banks, allowing customers to manage all their funds through one portfolio at Quantum National Bank. Customers benefit from the ease of working with only one institution and receiving only one statement.
Quantum National Bank has been serving the greater Metro Atlanta area for more than 12 years. We continually strive to bring our community innovative banking solutions. For more information, visit www.quantumbank.com or call 770-945-8300.
UPDATED 1/24/2008
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Member FDIC