FDIC Information for Waterfield Bank, Germantown, MD
On Friday, March 5, 2010, Waterfield Bank of Germantown, Maryland (the "Failed Institution"), was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect depositors, the FDIC has created Waterfield Bank, FA. It will remain open for 30 days. All accounts assumed by the new Waterfield Bank, FA are insured by the FDIC. The new Waterfield Bank, FA will also distribute funds previously managed by the Failed Institution as agent for those customers. To reduce any disruption to you, all funds will remain available to you throughout this period. If you have a CD or IRA, the FDIC will mail a check to your mailing address on record with Waterfield Bank. Checks will be mailed on Monday, March 8, 2010. IF THIS DEPOSIT INSURANCE CHECK REPRESENTS A DISTRIBUTION FROM A RETIREMENT ACCOUNT, you should consult IRS Publication 590 and/or your tax advisor concerning the possible tax consequences of such distribution. IRS Publication 590 may be obtained by contacting your local IRS office or via the internet at www.irs.gov. Generally, a distribution from a traditional IRA can be rolled over tax-free into another traditional IRA for a limited period of time (usually 60 days) following the date the distribution is received. Amounts not rolled over within the 60-day period will generally be treated as a taxable distribution subject to income tax and may be subject to a 10% penalty. You will continue to have access to your account, and payments to you and by you will continue to be processed as usual while Waterfield Bank, FA remains open. As soon as possible during this period, you should make arrangements to transfer your account to another insured bank or thrift. If you have not made such arrangements by April 5, 2010, the FDIC will mail you a check for the full balance of your account. Interest will not be paid on accounts after Friday, March 5, 2010. You may continue to use your ATM and Debit cards until March 31, 2010. Daily withdrawal limits at ATMs remains unchanged from the previous bank limits. You will have continued access to your insured checking and savings account funds by using your same checks and ATM/Debit cards. Checks may be used but should be written to allow time to clear by April 5, 2010. Checks that do not clear the account by April 5, 2010, will be returned. Once you have identified your outstanding checks and verified your balance, you can also write a check without coming to the bank to close your account. All direct deposits, including Social Security checks, will continue through April 2, 2010. You must contact the originator of your direct deposit or automated withdrawal and provide them with your new banking information. This must be accomplished as soon as possible as this process can take some time to transfer to your new bank. You should make other arrangements as soon as possible. On-line Banking Services, including Bill Pay, will be available for transactions on Monday morning, but all transactions MUST CLEAR your account by April 1, 2010, or they will be returned. You should arrange to transition to a new online banking service as soon as possible since the service will be discontinued. For any questions regarding your loan, contact your loan officer. Again, should you have any tax-related questions, please contact the IRS or your tax advisor. Any questions may be directed to the toll-free FDIC Call Center number: 1-(800) 830-4735 Or Email question to: Waterfieldbankquestions@fdic.gov Question and Answer Guides are available at the bank or online at: www.fdic.gov The FDIC wishes to make this transition as convenient as possible for the depositors of Waterfield Bank. Please select the link below to read more about this event: FDIC Bank Closing Information for Waterfield Bank