Question and Answer Guide
Second Federal Savings and Loan Association of Chicago, Chicago, IL
The following list of responses to frequently asked questions may assist you in understanding what is happening at Second Federal Savings and Loan Association of Chicago.
On Friday, July 20, 2012, the Office of the Comptroller of the Currency closed Second Federal Savings and Loan Association of Chicago, Chicago, IL. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Hinsdale Bank & Trust Company, Hinsdale, IL acquired all the deposits of Second Federal Savings and Loan Association of Chicago from the FDIC as Receiver. The FDIC will retain most of the assets, including your loan, for later disposition.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to Hinsdale Bank & Trust Company.
ACCESS TO YOUR MONEY: You may continue to use your outstanding checks, and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches.
DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veterans' benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILLPAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.
INTEREST RATES: Interest on deposits accrued through close of business on July 20, 2012, will be paid at your same rate. Second Federal Savings and Loan Association of Chicago's rates will be reviewed by the new bank and may be lowered; however, you will be notified in writing of any changes. You may withdraw funds from any transferred account, regardless of whether your interest rate changes, without an early withdrawal penalty until you enter into a new deposit agreement with the new bank.
BROKERED DEPOSITS: As this is an All-Deposits Transfer transaction, the total of all deposit accounts has been assumed by Hinsdale Bank & Trust Company. If you are a customer who has a Second Federal Savings and Loan Association of Chicago deposit through a broker, you must contact your broker with any questions.
TAX REPORTING – 1098 AND/OR 1099: The bank who assumed your deposit account 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.
SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.
OVERDRAFT LINES OF CREDIT: All lines of credit are frozen. The FDIC retains your outstanding line.
LOANS: Hinsdale Bank & Trust Company did not acquire your loan. The FDIC, as Receiver, owns your loan, mortgage, and line of credit. Hinsdale Bank & Trust Company has agreed to accept payments temporally for the FDIC. However, employees cannot answer questions about loans, or make changes to loans. You may speak to the onsite FDIC loan representative regarding any questions or concerns about your loan.
LOAN PAYMENTS: Continue to make your payments according to the terms of your written contract at a branch office or by mail to the same payment address with checks made payable to Second Federal Savings and Loan Association of Chicago.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify the onsite FDIC loan representative immediately.
LOANS IN PROCESS: Please contact the onsite FDIC loan representative.
CLAIMS: You may send claims for unpaid bills to the following address:
FDIC as Receiver for
Second Federal Savings and Loan Association of Chicago
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the new bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.
ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:
FDIC Call Center
Toll free number 1-800-815-0286
Hours of Operation – Central Time
Friday, July 20, 2012: Until 9:00 p.m.
Saturday, July 21, 2012: 9:00 a.m. – 6:00 p.m.
Sunday, July 22, 2012: 10:00 a.m. – 6:00 p.m.
Monday, July 23, 2012: 8:00 a.m. – 8:00 p.m.
Thereafter: 9:00 a.m. – 5:00 p.m.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. If you are contacted by anyone requesting personal information from you related to this event, please contact the FDIC Call Center listed above to report the incident.
For more information: www.fdic.gov/bank/individual/failed/secondfederal.html