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Deposits of more than $100,000? Bank on Landmark National Bank

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Landmark National Bank is pleased to announce an innovative new service with significant advantages for depositors with more than $100,000. There are times when depositors want to deposit more than $100,000 into a bank but hesitate because the amount exceeds the federal deposit insurance limit of $100,000. This may happen when people sell their homes, inherit money from a relative, get a large insurance settlement, take a lump-sum retirement payout or win the lottery. Landmark National Bank has joined forces with a new company founded last year by former government regulators that makes it possible for consumers to get full Federal Deposit Insurance Corp. coverage on deposits up to $5 million. Landmark National Bank has partnered with The Promontory Interfinancial Network, based in Arlington, Va., through a program called the Certificate of Deposit Account Registry Service, also known as CDARS (pronounced "cedars"). The FDIC has affirmed that the accounts qualify for federal insurance protection, saying in a letter to a California institution "deposits placed through the CDARS system would be insured on a pass-through basis under the FDIC's rules." Landmark National Bank, as an example, can accept a deposit of $500,000 and divide deposits between four other financial institutions, with each account eligible for the maximum FDIC protection. Some of the benefits include: ? The convenience of banking directly with Landmark National Bank for CDs issued through CDARS. ? The safety of full FDIC insurance coverage for deposits up to $5 million. ? Less paperwork. Consumers receive one consolidated account statement and one year-end 1099 tax summary for CDARS CDs. ? The flexibility of selecting from various maturity periods. ? Landmark National Bank handles the paperwork for you. "We're excited about the opportunities created by CDARS. It enables our customers to manage all of their CD investments through one relationship and work with the people they know and trust," said Rick Mandelbaum, executive vice president of Landmark National Bank. "They receive a single, consolidated, monthly statement summarizing deposits, and at the end of the year receive only one 1099, making tax preparation simpler." Contact Rick Mandelbaum at (858) 947 2323 and see what Landmark National Bank can do for you.


Submitted by Landmark National Bank

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