Is an online CD Marketplace operated on the proprietary automated eTransaction Network (eTN). eCD allows community banks and institutional investors a fast, cost effective way to conduct CD transactions. With eCD, there are no expensive membership fees, administrative costs or back and forth negotiations. The eCD program givesFDIC insured institutions the ability to access the national CD market to issue or purchase jumbo CDs nationwide.
Rates posted on the network are designated by each individual institution. All CD transactions, including interest payments, are aggregated and electronically transmitted via ACH through client designated clearing accounts with no paperwork involved.
What about Customer Identification Procedure? - As an eCD participating member issuing CDs on eTN, your CIP requirements have already been performed for you. All eCD members are double screened. No CIP is required when you receive deposits from financial institutions.
Benefits Include:
No membership fee
No CIP required
Ability to buy and sell CDs through a centralized location
Immediate access to liquidity options
Transactions require no phone calls or faxes
A broad selection of issuers and investors with which to do business
