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Is RateService a bank?

April 26, 2017Bank RateService

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Is RateService a bank?

1 Answer

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RateService is the online web division of North American Resources, Inc. North American Resources is a Deposit Broker as specified by the Federal Deposit Insurance Corporation (FDIC). RateService is not a bank and does not handle any customer funds. All CDs purchased through RateService are wired directly to the underlying banks or bank custodians.. Although most investors have traditionally purchased Certificates of Deposit through local banks, many brokerage firms now offer CDs. Deposit Brokers can sometimes negotiate a higher rate of interest for a CD by promising to bring a certain amount of deposits to the institution. The deposit broker can then offer these CDs to their customers.