CDARS TERMS
- Funds may be submitted for placement through CDARs only after a depositor enters into the CDARs Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us through CDARs. Please read the agreement carefully before signing it.
- Any and all funds received by GCF Bank, subsequent to the initial deposit noted in the online application process and prior to the first available placement date, will be added to the initial deposit and placed in a CyberCDARS certificate according to the term and rate noted in the online application.
- Subsequent deposits received by GCF Bank, after the initial placement of the funds, will be placed in a subsequent CyberCDARS certificate, for the same term as the initial application states, with a Rate/APY that is being offered by GCF Bank, at the time the additional funds are received.
- After your CyberCDARS Certificate matures, unless GCF Bank receives written instructions from you prior to maturity, via email or US Postal mail, to roll the CyberCDARS Certificate back into the program or close the certificate, the CyberCDARS Certificate will
be placed into a GCF Bank CyberCDARS Rollover CD, at a term equal to the initial term of your CyberCDARS Certificate, and at GCF's current published
CyberCDARS Rollover Rate for the corresponding term.
- A penalty may be assessed for early withdrawals. For further information, please refer to the CDARS Deposit Placement Agreement.
- Funds held in an account with us pending placement through CDARs or resulting from payments on CDs are subject to the Standard Maximum Deposit Insurance Amount ("SMDIA") applicable to your deposits with us and therefore may not be fully insured by the FDIC. GCF places funds with CDARs each Wednesday morning.
- Public sector depositors are responsible for complying with restrictions on the deposit of public funds imposed by state and local jurisdictions, some of which may prevent placement of public funds through CDARs. Please speak with a customer service representative if you have questions.
- When you place funds through CDARs, GCF may receive an equal amount of reciprocal deposits from other banks in the network, satisfying some organizations investment mandates. Alternatively, GCF, with your consent may choose to receive fee income rather than reciprocal deposits.
- Interest is paid to your GCF CDARs savings account, which GCF will open for you or mailed directly to you at the end of each month. Each month, you will receive a statement listing all your CDs, the banks issuing the CDs, maturity dates, interest earned and other details.
- At the end of each year, you will receive a consolidated 1099 that reports your taxable interest income.
