Using CDARS, Maquoketa State Bank can provide customers with CDs in excess of the current FDIC limits access to additional insurance coverage by distributing customer funds among other FDIC-insured banks. All of this can be accomplished through one portfolio at Maquoketa State Bank and without sharing confidential information with other banks.

Certificate of Deposit (CD's) are a fixed rate, safe, secure deposit

Details

• Flexible maturities from 6 months to 5 years
• Interest compounded and credited semi-annually

• Premium rate of interest based on average daily balance
• Minimum opening deposit of $2,500.00
• Interest computed on the daily balance method
• A maintenance fee of $7.50 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, or payment out of this account) in excess of six during a month.

• Minimum opening deposit $100.00
• Deposits can be made in person, by mail or directly deposited
• Six withdrawals per month are allowed without penalty (withdrawals in excess of 6 are $.50)

Sweep Account

Sweep Accounts are cash management accounts designed to provide a higher rate of interest on excess funds. Automatic transfers of funds in excess of the target amount are invested on a daily basis. The target balance in checking is not interest bearing.

Repurchase Agreements & Repo Sweeps

Maquoketa State Bank offers the repurchase agreements as an alternative to certain sweep and investment products. Deposits under this agreement are not FDIC insured but are instead protected or collateralized by providing a security interest in a U.S. Treasury or Agency security owned by the bank.