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Important information about procedures for opening a new account

  • To help the government fight the funding of terrorism and money laundering, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account.
  • What this means for you:  When we open an account, we will ask your name, physical address, date of birth, and other information that will allow us to identify you.  We will also ask to see your driver's license and/or other identifying documents.

CERTIFICATES OF DEPOSIT

30 Day, 60 Day, 90 Day Certificates

  • $1,000.00 opening minimum
  • Interest can be paid either by compounding at maturity, by check monthly or at maturity, or by transfer to another account at Security Bank monthly or at maturity
  • Fee we may impose for early withdrawal is 30 days loss of interest on amount withdrawn

182 Day Certificate

  • $1,000.00 opening minimum
  • Interest can be paid either by compounding quarterly, by check monthly, quarterly, or at maturity, or by transfer to another account at Security Bank monthly, quarterly, or at maturity
  • Fee we may impose for early withdrawal is 90 days loss of interest on amount withdrawn

12 Month, 24 Month, 36 Month Certificates

  • $1,000.00 opening minimum
  • Interest can be paid either by compounding quarterly, by check monthly, quarterly, or at maturity, or by transfer to another account at Security Bank monthly, quarterly, or at maturity
  • Fee we may impose for early withdrawal is 182 days loss of interest on amount withdrawn

24 Month and 36 Month Step-Up Certificates

  • $1,000.00 opening minimum
  • Interest can be paid either by compounding quarterly, by check monthly, quarterly, or at maturity, or by transfer to another account at Security Bank monthly, quarterly, or at maturity
  • May step up rates 2 times on 24 Month Step-Up Certificate and 3 times on 36 Month Step-Up Certificate during the term of the certificate
  • Fee we may impose for early withdrawal is 182 days loss of interest on amount withdrawn

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

18 Month Traditional IRA

  • $100.00 opening minimum
  • Variable and fixed rates available
  • Deposits can be made into account (as allowed by IRS rules)
  • Fee we may impose for early withdrawal is 182 days loss of interest on amount withdrawn (Special rules apply for account owners 59 1/2 & over)

In certain circumstances such as the death or incompetence of an owner of these accounts, the law permits, and in some cases, requires the waiver of an early withdrawal penalty on Certificate of Deposits and IRAs..

Check with a Customer Service Representative for current Certificate of Deposit and IRA rates.

Security Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Non-interest-Bearing Transaction Accounts

NOTICE:  By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account/IOLTA) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).

The term "non-interest bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts ("IOLTAs").  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about FDIC insurance coverage visit www.fdic.gov.

 

 

 

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