Public Fund Deposits
Across the United States, local and state governmental organizations—including city, county, and state treasurers; school districts; police and fire districts; and public hospitals—use reciprocal deposit services to access multi-million-dollar FDIC insurance through a single bank relationship. In this way, they are able to safeguard taxpayer money, keep funds local, and eliminate the burden of ongoing collateral tracking.
- All 50 states have laws that enable governmental entities to protect deposits through the CDARS® service provided by Promontory InterfinancialNetwork./li>
- Last year, thousands of governmental entities across the United States utilized CDARS to access multi-million-dollar FDIC insurance through a single bank relationship, and, together, they placed billions of dollars through the service.
- This infographic shows the average CDARS outstandings as of the quarter-end for each of the four quarters of 2017 for the top states that use CDARS.
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