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What does the acronym CDARS stand for?
The acronym CDARS can stand for several things. Typically, the acronym CDARS stands for The Certificate of Deposit Account Registry Service, a for-profit service.
Can you withdraw funds from CDARS without any penalties?
Withdrawing funds from a CDARS (Certificate of Deposit Account Registry Service) before the maturity date typically incurs penalties, similar to traditional CDs. However, some institutions may offer specific terms that allow for early withdrawals with reduced penalties or under certain conditions. It's essential to review the terms of your agreement or consult with your financial institution for detailed information regarding penalties and withdrawal options.
How do you assign a CDARS account as collateral for a loan?
If you intend to borrow from the custodian (the institution through which you placed your order for the CDs), you and the institution enter into a security agreement that establishes the institution's security interest in the CDs. No separate control agreement is necessary, since the institution's security interest in the CDs is perfected by the institution's control of the CDs as your custodian. If you fail to repay the loan, the institution will be able to recover the amount of the loan when the CDs mature, since the payment of principal and accrued interest must come through the custodian institution.
Eastwest Bank Covers EVery Possible Banking Need?
Eastwest Bank offers customers a wide variety of services to their clients and they even offer their customers the convenience of banking over the Internet. The types of services offered to clients are the typical products that people can find at most banks such as checking accounts, savings accounts, Certificates of Deposit (CDs) and pre-paid gift cards. Along with these accounts, people also have the option of obtaining several types of loans from Eastwest Bank such as auto loans, credit cards, the home equity line of credit (HELOC) and mortgages.Eastwest Bank does not just offer the traditional services listed above that everyone expects from a bank; it also offers services that are specific to the immigrant population. One of these products is called the Express Bridge Home Loan. With this loan, people do not have to prove that they have a verifiable income or any assets to put up as collateral. These loans can be acquired for amounts as high as $2,000,000 and they are an alternative for not just immigrants, but for those who are self-employed who have difficulties demonstrating their income to banks when they seek a loan.Eastwest Bank has tailored their services to particular professions. These professionals include dentists, veterinarians, optometrists, pharmacists who operate independent pharmacies, doctors and certified public accountants. Their services were set up to help people in these professions to fund their activities whether they are at the beginning of their careers or they have been in business for many years. They have the goal in mind of being a long-term partner with the people in the above-listed professions to ensure that their businesses can thrive while they are concentrating on doing what they do best.People who are looking for investment services such as retirement savings or savings accounts for college can find them at Eastwest Bank. People also may invest in mutual funds if they so desire.Eastwest Banks accounts, except for the investment accounts are FDIC insured. It is also a member of the Certificate of Deposit Account Registry (CDARS) which insures the deposits of accounts that have balances too high to be insured with the FDIC. At any rate, the money deposited with Eastwest Bank is safe.
