Who Has Custody of My Funds?
Funds placed through CDARS® are deposited only in FDIC-insured banks. We act as custodian for your CDARS® deposits, and the sub-custodian for CDARS® deposits is The Bank of New York Mellon (“BNY Mellon”), the largest custodian in the world with total assets of more than $22 trillion.
Unique to CDARS®, a depositor can obtain a confirmation of records maintained by BNY Mellon as sub-custodian in order to reconcile those records with the statements received from us. At any time, as often as desired, a depositor can obtain a certified statement from BNY Mellon that confirms the exact amount of his or her CDs, including principal balance and accrued interest, for each FDIC-insured institution that issues a CD through CDARS®.
You can submit a request for the certified statement, along with BNY Mellon’s processing fee, through us. BNY Mellon will send the certified statement directly to you or to another party, such as an auditor, designated by you.