Is RateService a Bank?
No, RateService is not a bank.
RateService is the online web division of North American Resources, Inc.; a Deposit Broker of over twenty years, as specified by the Federal Deposit Insurance Corporation (FDIC).
Although most investors have traditionally purchased Certificates of Deposit through their local banks or savings & loans, many brokerage firms now offer Certificates of Deposit (CDs). Deposit Brokers can sometimes negotiate a higher rate of return on a CD by promising to bring a certain amount of deposits to the banking institution. The deposit broker can then offer these CDs to their customers.
All CDs purchased through RateService are wired directly to the underlying banking institution or custodian. At no time does RateService handle any customer funds.