Bank of Michigan

CDARS

Why CDARS? | CDARS FAQ

CDARS® is one of the safest, smartest investment vehicles for investors looking to protect their large dollar investments while earning CD-level returns that may compare favorably to Treasury and money market fund yields.

CDs placed through CDARS offer investors (including institutional investors, such as corporations, foundations, and endowments):

  • Access to multi-million-dollar FDIC insurance
  • The ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements
  • The ability to forego ongoing collateral tracking
  • The power of daily compounding, and
  • A finite maturity date (in contrast to auction-rate or some adjustable-rate securities)

Investing through CDARS can be a strong alternative to Treasuries. Like Treasuries, FDIC insurance is backed by the full faith and credit of the U.S. government.

CDARS CDs are considered bank deposits. They are not DTC eligible and, currently, no secondary market exists. Early withdrawals are available, but require the payment of a substantial penalty.

You should compare the current rates and features of CDs (including CDs placed through the CDARS service) to other investment alternatives. Past performance may not be representative of future performance or success.

Limits apply. If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor's funds through CDARS or a particular CDARS transaction satisfies those restrictions. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with our bank. The agreement contains important information and conditions regarding the placement of funds by our bank through CDARS.

CDARS is a registered service mark of Promontory Interfinancial Network, LLC.


Bank of Michigan President Michael G. Sarafa

Letter from the President

Welcome to the new Bank of Michigan website. We hope you find it fresh and easy to use. It is our goal to create positive customer experiences for every transaction from internet banking to a personal visit with us at the bank. Our experienced and dedicated team of bankers is ready to offer creative solutions to meet your banking needs.

At Bank of Michigan, we take great pride in our core values: integrity, loyalty, community, responsiveness and maximizing success. We take these principles very seriously. They drive our mission, purpose and values. Our Board of Directors and staff personally stand behind these commitments.

Thank you for visiting us and do not hesitate to contact me if I can assist you in any way.

Michael G. Sarafa, President