Funds placed through CDARS are deposited only into FDIC-insured banks. We act as custodian for your CDARS deposits, and the subcustodian for CDARS deposits is the Bank of New York Mellon (BNY Mellon).
Unique to CDARS, you as a depositor can obtain a confirmation of records maintained by BNY Mellon as subcustodian to reconcile those records with the statements received from us. At any time, as often as desired, you as a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of your CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS.Â
You can submit a request for the certified statement, along with BNY Mellonâ€s processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party designated by you, such as an auditor.