Over $250,000: What if I have more than $250,000
in my accounts at Waterford Bank?
If you have more than $250,000 in your interest-bearing account, or if
the total of your related interest-bearing accounts exceeds $250,000, your
accounts may require review by an FDIC Claims Agent. You should call the
FDIC to schedule a telephone appointment with an FDIC Claims Agent at
If you have an interest-bearing account or group of interest-bearing accounts
that exceeds $250,000, you may need to complete certain declarations or
affidavits and provide documentation so that the FDIC can make an insurance
determination on your account(s).
If you are an investor with a deposit broker, you may need to complete
a form only if your investment exceeds $250,000. However, you must mail
your form to your deposit broker for submission to the FDIC.
If your deposits DO NOT exceed $250,000, or if your deposits are
in a noninterest-bearing transaction account(s), you DO NOT need to complete
or contact the FDIC. The balance in ALL noninterest-bearing transaction
accounts (checking accounts) is fully insured.
An account hold may be placed on an account due to the need for additional
documentation from a depositor. For example, a Declaration for Trust form
may be required to attest to the parties involved in a trust. These forms
can be mailed to
you, or you can access them online at: Deposit Claims (www.fdic.gov/regulations/laws/forms/#DepositClaims).
If you have a question regarding the completion of required affidavits
please call 1-800-830-4735 and indicate you have a form completion question.
Account Hold: I have been advised there is a hold on my account. What does that mean?
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.
Another reason an account hold may be placed is due to the need for
additional documentation from a depositor. For example, a Declaration
for Trust form
may be required to attest to the parties involved in the trust. Please
contact the FDIC at 1-800-830-4735 to schedule a telephone appointment.
Account Insurance Status: Is my account fully insured? Is there a method
to verify whether my account(s) at Waterfield Bank are fully insured?
A tool, Is My Account Fully Insured? (https://www2.fdic.gov/drrip/afi/index.asp),
is available that allows failed bank customers the ability to verify whether their account is fully
insured or if they need to contact the FDIC. This service will be available for use no later
than the first business day after the bank's failure. Once you enter your account number, your
insurance status for that account will appear. If there is a hold on your account, it may be due
to the need for the additional documentation referenced in question number one. If
there is a hold, you will need to contact the FDIC at 1-800-830-4735 to schedule a telephone appointment.
ATM/Debit Card/Checks: Can I continue to write checks or use my ATM/Debit card?
You will be able to continue using your personal checks and your
ATM/Debit card; however, any checks presented after close of
business April 5, 2010, will be returned. The ATM will not be
available for a short period on Friday for processing. However, it
will be operational shortly thereafter and will be available as
usual through close of business March 31, 2010, when the ATM will be
Automatic Payments/Online Billpay: Will my automatic payments through Billpay continue?
Billpay will be unavailable for transactions over the weekend;
however, it will be available for transactions Monday morning. Billpay
will only be available until April 1, 2010, when it will be disabled. You should arrange to transition to a new online
banking service as soon as possible since the service will be
Brokered Deposits/Deposit Broker: I am a deposit
broker or I have brokered deposits. What do I need to do?
Insured brokered 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 bank. Please read the
following Deposit Broker Processing Guide completely before contacting
the FDIC with questions:
Broker's 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 1-800-830-4735 and indicate you have a form completion question.
If you are a customer who has a Waterfield 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?
Merchants are encouraged to honor Waterfield Bank checks, as
these will continue to clear. A copy of this document or the
press release (www.fdic.gov/news/news/press/2010/pr10045.html) can be provided
to the merchant.
Both documents state insured deposits have been received by
Waterfield Bank, FA. Waterfield Bank checks will continue to
clear up to the available balance until close of business April
5, 2010. Copies of this press release will be available at the
bank. Depositors or merchants can also call the FDIC at 1-800-830-4735
for questions about honoring Waterfield Bank checks.
Claim Account(s): How do I claim my account(s)?
A deposit insurance payment of your checking and/or savings
account(s) up to the insured limit has been transferred to
Waterfield Bank, FA. Please be advised that the last
business day to claim the money from Waterfield Bank, FA, is
April 5, 2010. You should make sure that you allow time for all
items to clear before that date. A check will be mailed to you
for unclaimed insured balances after that date. Items presented
after that date will be returned.
Checks for your CDs and IRAs will be mailed on Monday, March 8, 2010.
Unclaimed monies will be escheated to the state after 18 months. Unclaimed
property can be located by visiting www.missingmoney.com or
contacting your state's treasurer's office or office of
Customer Impact: How does this failure affect me?
You have until April 5, 2010, to close your checking and
savings accounts. If your deposits are in a noninterest-bearing
transaction account, the total balance of your account has been
transferred to Waterfield Bank, FA. Your account balance will be
available at the Waterfield Bank, FA, or by writing checks
against your Waterfield Bank account to open an account with
another institution. You should allow time for all items to
clear before that date.
Waterfield Bank, FA, has possession of your noninterest-bearing
transaction deposit accounts and it will continue to operate
until close of business April 5, 2010. You will have continued
access to your money through your ATM/Debit card (until April 1,
2010) and by writing checks. However, any checks that have not
cleared by April 5, 2010, will be returned.
For depositors whose accounts were placed at
Waterfield Bank, checks for CD and IRA insured account balances
will be mailed to you on Monday, March 8, 2010. For depositors
whose accounts were placed at Participating Banks, checks for CD
and IRA account balances will be mailed Monday, March 8, 2010.
If you have more than $250,000 in your interest-bearing account (or $250,000 in your IRA),
or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may
require review by an FDIC Claims Agent. All accounts that appear to be related are reviewed to
determine ownership and insurance coverage. Certain entitlements and different types of accounts
are insured in excess of the $250,000. If you think you might have uninsured deposits, please see
question number one for information regarding forms you may need to complete to expedite this process.
If you had a loan with the bank, continue to make your checks payable to Waterfield Bank and mail to the same address
you have used in the past until you are instructed otherwise.
Direct Deposits, Social Security: What will happen to my direct deposits?
All direct deposits, including Social Security checks, will
continue through April 2, 2010. You should make other
arrangements as soon as possible.
Early withdrawal penalty: Will I incur an early withdrawal penalty if I close my CD before
You will NOT be assessed an early withdrawal penalty. Your
CD will automatically be closed, and the FDIC will mail your
check on Monday, March 8, 2010.
Final Statement: When will I get my final
account statement(s) from Waterfield Bank?
Waterfield Bank, FA, will mail your account statements at the
same time you have received them in the past and when you close your
account. Customers who have not closed their accounts by close of
business April 5, 2010, will receive a final statement at that time.
Interest: Will I continue to earn interest at the same rate?
No. All interest on deposits accrued through March 5, 2010, will be
paid at your same rate. This will be included in the
check you or your broker will receive from the FDIC.
Waterfield Bank, FA, will not pay interest after March 5, 2010.
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
past April 5, 2010, as those will be issued to customers closing
accounts; however, customers are highly encouraged to cash
these checks as soon as possible. Cashier's checks, certified checks,
money orders meet the definition of noninterest-bearing
transaction accounts. Under the Temporary Liquidity Guarantee
Program, noninterest-bearing transaction accounts are fully
Internet Connection: Will my Internet connection
to Waterfield Bank work?
Online Banking Services will be unavailable for transactions over
the weekend; however, it will be available for transactions Monday
morning. Online transactional service will be available only through
Thursday, April 1, 2010. After that time, online
transactional service will be disabled. Waterfield Bank had a number
of avenues for customers to access funds, and each of those avenues
will be available after initial processing is completed closing
IRAs: What if I have an Individual Retirement
From the date a check is issued to you from your IRA, you have 60
days to roll this over into another retirement vehicle. You
should consult IRS Publication 590 and/or your tax advisor concerning
possible tax consequences of such distribution. This publication
specifically addresses this situation; therefore, you should review
it carefully. IRS Publication 590 may be obtained by contacting your
local IRS office or via the Internet at www.irs.gov.
IRA funds are insured separately from other types of accounts up
to $250,000. IRA checks for the insured amount will be mailed on
Monday, March 8, 2010, to your address on record with the bank.
Lose Any Money placed at Waterfield Bank: Will
I lose anything on my deposit account placed at Waterfield Bank?
For depositors whose accounts were placed at Waterfield Bank,
principal and interest on insured accounts, through March 5, 2010, are
protected by the FDIC, to at least $250,000. Certain entitlements
different types of accounts can be insured in excess of the $250,000.
If you have more than $250,000 in your interest-bearing account
$250,000 in your IRA), or if the total of your related interest-bearing
accounts exceeds $250,000, your accounts may require review by an
Claims Agent. All accounts that appear to be related are reviewed to
determine ownership and insurance coverage. See question
number one for information regarding
forms you may need to complete to expedite this process. Checking
and savings account balances will be available through Waterfield
Lose Any Money placed at Participating Bank: Will
I lose any money on my deposit placed at a Participating Bank?
No. For depositors whose accounts were placed at Participating
Banks, checks for CD and IRA account balances including interest will
be mailed Monday, March 8, 2010. Checking and savings account balances
will be available through Waterfield Bank, FA.
Outstanding Checks: What will happen to the checks which have not cleared my account?
Checks that were drawn on Waterfield Bank that did not clear
before the institution closed will be honored up to your insured
amount or available balance until close of business April 5,
2010. You should allow time for items to clear before that date.
Records/Account Histories: What if I need
information regarding my account during the time Waterfield Bank
was in business?
Please contact the Waterfield Bank, FA, to request any records
that you may need. After April 5, 2010, you may call the FDIC at
Tax Reporting - 1098/1099s: Who will send my 1098 and/or 1099 information after the end of the year?
The FDIC 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?
If you have a loan in the same name as your uninsured deposit account,
it may be possible to offset your uninsured amount against your
loan. You should discuss this with your Claims
Agent during your appointment.
If it is determined that you have some uninsured funds, the FDIC will
mail you a Receivership Certificate. This certificate entitles you
to share proportionately in any funds recovered through
the sale of the assets of Waterfield Bank. You may eventually recover
more of your uninsured funds as assets are liquidated.
When a financial institution is closed, and the Federal Deposit Insurance Corporation ("FDIC") is
appointed as receiver, one of FDIC's responsibilities is to sell the institution's assets to pay the
depositors and its creditors. The money generated by the sale of these assets will flow through the
Receivership, and periodic dividend payments will be made to proven claimants when excess cash is
available. For an explanation of the dividend process, go to
FDIC Dividends from Failed Banks (http://www2.fdic.gov/divweb/index.asp).
Wire Transfer: Can funds be wired to me?
As of Monday, March 8, 2010, your checking and savings account funds can be
wired at your request. Any outgoing wire fees will be waived. Please contact
former Waterfield Bank at 1-888-580-0049 regarding your wire request. Checks
for insured CDs and insured IRAs will be mailed to you, and you will receive
Automatic Payments: Will my automatic payment still occur on its assigned date?
Any automatic payments from your account will continue until
close of business April 1, 2010. We encourage you to check your
account the day after your scheduled draft to verify the
transaction. If the transaction did not occur, please notify
your loan officer. You should arrange for automatic payments
with a new bank as soon as possible.
Construction Loan Draws: Will construction draws continue? Will my project be completed?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to your loan officer.
Construction Loan Voucher Control: Will my subcontractors be paid as before?
Each loan is being reviewed independently and will be determined on a
case-by-case basis. You should direct your questions to your loan officer.
Escrows: Will you continue to pay my escrows?
All services previously performed related to your loan will continue.
Should you receive notification that any portion of your taxes or insurance
were not paid, please notify your loan officer immediately.
Fees: Are there any changes to fees or charges due to this event?
No. Charges and fees will be discontinued as of March 5,
Foreclosures: Will the FDIC continue foreclosures
At this point, all foreclosure actions have been suspended in order to
properly evaluate the loans and the borrowers’ ability to repay.
It is our intention to sell all loans, and it will be up to
the new owner of the loan to determine the best method of collection on the loan. There
may be instances where FDIC will continue with the foreclosure process,
but this will be done on a case-by-case basis.
Lender and contact names: Who is my lender and has my loan contact changed?
Your loan is currently owned by the FDIC as Receiver for
Waterfield Bank and is being serviced by the same personnel with whom you have worked in the past. All prior
contacts remain the same.
Loan Sales: Will my loan be sold?
Your loan may be sold at a future date. If that occurs, you
will be notified in advance through written correspondence.
If you are concerned, about who your future lender or servicer
will be you have the right to refinance
your loan with another lender.
Line of Credit Advances – Home Equity: Can
I continue to perform advances on my line of credit?
No. All lines of credit, including Home Equity Lines of
Credit (HELOCs), have been suspended. The FDIC as Receiver for
Waterfield Bank intends to sell your loan. The Receiver is not a
bank. It does have the ability to fund some short-term needs if
in the best interest of the Receiver; however, any funding and
issuance of a check is not immediate. You should contact another
financial institution to discuss establishing a borrowing
relationship. They will be able to serve your needs on an
Loan in Process: I have a loan currently in process. How is my loan impacted?
Please contact your loan officer directly.
Loan Sweeps: Will my loan sweep be discontinued?
This will be determined on a case-by-case basis. Please contact your loan officer.
Overdraft Line of Credit: Will my overdraft line of credit continue to cover my overdrafts?
No. These lines have been retained by the FDIC and have been
frozen. You will need to establish a new overdraft line of credit
with your new bank.
Payments: How and where do I make my payments?
You should continue to make your payments as you have in the past. Make
checks payable to Waterfield Bank and utilize the same payment address
information. You may continue to use credit cards and telephone transfers to
make your payments.
Pre-payment Penalty: If I refinance with another lender, will my pre-payment penalty be waived?
Any pre-payment penalty will be waived as long as FDIC as Receiver for
Waterfield Bank has control of the asset, and the borrower
obtains refinancing of the outstanding balance on the account
with another financial institution.
SBA Application in Process: What will happen to my SBA loan application in process?
The Waterfield Bank, FA, will not be originating any new
If your loan has been approved by the SBA, but is not yet
funded, please contact your loan officer. You will be directed
to the proper SBA contact to help you locate another approved lender.
If your loan is in process, and has not been approved by the SBA, we will
release your SBA package on file with us to you. You will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
What Happens Now: What will happen to my loan?
Each loan is currently being reviewed independently to determine the best
action for that individual loan. Your loan may be sold at a future date.
If that occurs, you will be notified in advance through written correspondence.
If you are concerned about whom your future lender or servicer may be,
you have the right to refinance your loan with another lender.
FDIC Insurance: Where 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):
Go to www.fdic.gov:
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:
Shareholders: I am a shareholder. What happens to my shares?
The Waterfield Bank had no publicly owned stock. Equity shareholders were
invested in the holding company, Affinity Financial Corporation,
Irvine, CA, 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:
|Affinity Financial Corporation
18881 Von Karman Avenue, Suite 17000
Irvine, CA 92612
Unpaid Bill: I did some work for Waterfield
Bank and have not yet been paid. What should I do?
You should submit your invoice for Waterfield Bank in writing,
together with proof of the claim, to the Receiver at the following address:
Federal Deposit Insurance Corporation
Receiver: Waterfield Bank
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
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).