Beneficial State Bank participates in a program called CDARS (The Certificate of Deposit Account Registry Service). Developed and managed by Promontory Interfinancial Network, this program allows depositors with more than $250,000 in deposits to spread these deposits into separate CDs at several banks, allowing them to have access to FDIC insurance on large deposits, earn a return, and enjoy the ease of having only one bank to manage a relationship with.
To keep these distributed deposits as mission-aligned as possible, Beneficial State Foundation has done extensive due diligence to help ensure that funds placed in CDARS at Beneficial State are as mission and values aligned as possible by customizing the list of banks in which their deposits will be shared. Deposits can only be placed in smaller community banks, under $1 billion and do not operate in high fossil fuel extraction areas. This ensures that our customers are not inadvertently placing their deposits in big banks.
We are doing this same customization with a parallel program for deposit and money market accounts, called ICS (Insured Cash Sweep).