Over $250,000: What if I have more than
$250,000 in my accounts at Security Savings Bank?
All deposit accounts, except brokered deposits, have been transferred
to Bank of Nevada, based in Las Vegas, Nevada. If you had a brokered account
at Security Savings Bank please contact your broker. All former Security
Savings Bank offices will reopen for normal business hours on Monday, March
2, 2009, as branches of Bank of Nevada.
Account Hold: have been advised there is a hold
on my account. What does that mean?
It is possible a depositor’s account was held due to delinquent
loans where the depositor is the borrower or guarantor. Additionally,
any account pledged as collateral for a loan will continue to be held.
A letter will be sent informing you of any holds placed by the FDIC,
along with instructions on how to proceed. If you have any questions
regarding these holds, please call your loan officer or the FDIC at
the number provided in the letter.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
You may continue using your personal checks and your ATM/Debit cards.
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
Billpay will be unavailable for a short period Friday night and should be
available by Saturday morning.
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Brokered deposits will be held by the FDIC, and those insured deposits
will be paid off when the insurance determination is complete. The FDIC
offers an online reference guide to deposit brokers acting as agents for
their investor clientele. This site outlines the FDIC’s policies
and procedures that must be followed by deposit brokers when filing for
pass-through insurance coverage on custodial accounts in a failed FDIC-insured
institution. Please read the following Deposit Broker Processing Guide
completely before contacting the FDIC with questions:
Processing Guide (www.fdic.gov/deposit/deposits/brokers/index.html)
Should you have any questions regarding the completion of required affidavits
or declarations on behalf of your client, please call 1-800-823-5017 and
indicate you have a form completion question.
If you are a customer who has a Security Savings Bank deposit through
a broker, you must contact your broker with any questions. Once
the FDIC receives a balanced investor file along with all the required
documentation, from your broker, your insured funds will be wired
to them on your behalf.
Checks not honored: A merchant will not honor my check. What can I do?
A copy of this document or the press
can be provided since both documents state all deposits
have been transferred to Bank of Nevada, and it is business
as usual. Copies of this press release will be available at
the former Security Savings Bank branches. Depositors
or merchants can also call the FDIC at 1-800-823-5017 or the
former Security Savings Bank branches.
Claim Account(s): How do I claim my account(s)?
Your account(s) has already been transferred to Bank of Nevada, and your
account(s) will be handled as usual. Any withdrawal, renewal
or additional deposits will “claim” your account. Please be
advised that if there is no activity in your account in the
next 18 months, that money
may be turned over to your state as unclaimed property.
Unclaimed property can be located by visiting www.missingmoney.com or
contacting your state treasurer’s
office or office of unclaimed property.
Customer Impact: How does this failure affect me?
All non-brokered deposits (both insured and uninsured) of Security Savings
Bank have been transferred to Bank of Nevada, and it will be business as
usual. If you held an account at Security Savings Bank, you now have an
account at Bank of Nevada that is available to you at your former Security
Savings Bank branches during regular business hours.
If you had a loan with Security Savings Bank, please continue
to make your payments to the same address as you have in the past until
you are instructed otherwise. Continue to make your checks payable to Security
The former Security Savings Bank locations will reopen for
normal business hours on Monday, March 2, 2009. You will have
continued access to your money through your ATM/debit card
and by writing checks.
Can Security Savings Bank customers use Bank of Nevada branches?
No, not at this time. During the transition of Security Savings
Bank records to Bank of Nevada systems, Security Savings Bank
customers should continue to conduct their banking business at
former Security Savings Bank branches. You will be notified when
you can use Bank of Nevada branches.
Similarly, existing Bank of Nevada customers cannot use former
Security Savings Bank branches and should continue to conduct
their business at Bank of Nevada branches.
Deposits Existing at Bank of Nevada: I already
have other deposit accounts with the new bank. When combined with
balances at this
bank, my deposits exceed $250,000. Are all funds insured?
The transferred accounts will be separately insured for at least
six months after the merger. This grace period gives a depositor
the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after
the end of the six-month grace period. CDs that mature during the six-month period and
are renewed for the same term and in the same dollar amount (either with or without accrued interest)
continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Direct Deposits, Social Security: What will happen to my direct deposits?
Direct Deposits will continue as normal, including Social Security checks.
If you need to change anything in the future, please contact or visit your
former Security Savings Bank branch location to make those arrangements.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
No. You may withdraw funds from any transferred account without an early
withdrawal penalty until you enter into a new deposit agreement with your
new bank. Entering into a new deposit agreement can be done by either renewing
your CD or making a deposit to, or a withdrawal from, your account.
Final Statement: How will I get my final
account statement(s) from Security Savings Bank?
You will receive your account statements at the same time you have received them in the past.
Interest: Will I continue to earn interest at the same rate?
All interest on non-brokered deposits accrued through Friday, February
27, will be paid at your same rate. Bank of Nevada will be reviewing rates
and will provide further information soon.
If you deposited funds through a broker, the interest will
accrue and be paid through Friday, February 27.
Interest Checks/Cashier's Checks: Can I cash my interest check or cashier's check?
Interest checks and cashier's checks will continue to clear.
Internet Connection: Will my Internet connection
to Security Savings Bank work?
The bank website was made unavailable for a short period on Friday to facilitate
the resolution. The website should be available for regular transactions
by Saturday morning, February 28, 2009.
IRAs: What if I have an Individual Retirement Account (IRA)? Will my savings still be insured?
Yes, all deposits, including IRAs have been transferred in their
entirety to Bank of Nevada. IRA funds are insured separately from
other types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into
another retirement vehicle. 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.
Lose Any Money: Will I lose anything on my
All non-brokered accounts have been transferred in their entirety
to Bank of Nevada and will be available starting on Monday, March
2, 2009. If you had a deposit through a broker at Security Savings
Bank, contact your broker for more information.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks drawn on Security Savings Bank that did not clear before Friday,
February 27, will be honored up to your available balance.
Records/Account Histories: What if I
need information regarding my account during the time Security
Savings Bank was in business?
Please contact a representative of your new bank at your former Security
Savings Bank branch location to obtain a copy of any records you may need
or visit your branch.
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
Bank of Nevada will be responsible for mailing your 1099 tax information.
Your 1098 reporting will be done by the FDIC or the servicer of your loan.
You will be notified of any changes in ownership or servicing of your loan.
Uninsured: Will I collect my uninsured deposits?
All non-brokered deposits have been transferred in their entirety
to Bank of Nevada. For those with brokered deposits, please contact
your broker for more information.
Wire Transfer: Can funds be wired to me?
Please contact your former Security Savings Bank branch location to obtain
information regarding your wire request.
Payments: How and where do I make my
You should continue to make your payments as agreed. Make
checks payable to the same payee as you have in the past and use
the same payment address information.
All-Deposit Transfer versus Insured Deposit Transfer: Why do all deposits, insured and uninsured, pass is some transactions but not in others?
The FDIC is required by law to employ the least-cost
resolution measure for each failed financial institution. The most frequent
result is for the FDIC to transfer only the insured deposits in a merger
transaction. The FDIC is only able to transfer all deposits if the uninsured
amounts are covered by the premium. The FDIC has been able to transfer
all deposits in about 25% of the failures over the past 15 years.
FDIC Insurance: How can I find out more about Federal Deposit Insurance rules?
You may access our website, which contains deposit insurance information and
an Electronic Deposit Insurance Estimator (EDIE):
You may also order any FDIC publication:
|FDIC Public Information Center
3501 North Fairfax Drive
Arlington, VA 22226
Media: I represent a TV/Newspaper/Radio and would like some information.
Please contact the Office of Public Affairs:
New Bank Insured: Is the new bank insured by the FDIC?
Yes. Your deposit at Bank of Nevada is insured by the FDIC, and
each depositor is insured to at least $250,000, as established by law.
Shareholders: I am a shareholder. What happens to my shares?
Security Savings Bank had no publicly owned stock. Equity shareholders
were invested in the holding company, Stampede Holdings, Inc., and not in
the bank. Please do not file a claim with the Receiver, rather contact the
holding company with any questions you may have.
Unpaid Bill: I did some work for Security Savings
Bank and have not yet been paid. What should I do?
Please send your bills to the following address:
|FDIC as Receiver for Security Savings Bank
1601 Bryan Street
Dallas, TX 75201
What happened? Why did the bank fail?
Security Savings Bank, Henderson, NV was closed Friday, February 27, 2009,
by the Financial Institutions Division of the Nevada Department of
Business and Industry. Subsequently, the Federal Deposit Insurance
was appointed Receiver. According to regulatory policy, there is
no advance notice given to the public. Please see the Financial
press release for more information.
The good news is that no one lost any deposits as a result
of the closure of Security Savings Bank. To protect depositors, the FDIC
Board of Directors approved the assumption of ALL of Security Savings Bank’s
deposits by Bank of Nevada, headquartered in Las Vegas, Nevada.
Work for FDIC – Contract or Employment: How can I apply to work for FDIC as a contractor or employee?
You may access information about doing business with the FDIC at
You must also register in the Central Contractor Registration database at
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).