Friday, February 27, 2009: Until 9:00 p.m.
Saturday, February 28, 2009: 9:00 a.m. – 6:00 p.m.
Sunday, March 1, 2009: Noon – 6:00 p.m.
The following questions and answers represent the most commonly asked questions by customers of a failed institution. Your account(s) have been transferred to Bank of Nevada and will be available for business as usual during regular business hours at the former Security Savings Bank branches.
Over $250,000: What if I have more than $250,000 in my accounts at Security Savings Bank?
Account Hold: have been advised there is a hold on my account. What does that mean?
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?
Final Statement: How will I get my final account statement(s) from Security Savings Bank?
Internet Connection: Will my Internet connection to Security Savings Bank work?
Records/Account Histories: What if I need information regarding my account during the time Security Savings Bank was in business?
Unpaid Bill: I did some work for Security Savings Bank and have not yet been paid. What should I do?
1. 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.
2. Have been advised there is a hold on my account. What does that mean?
You may continue using your personal checks and your ATM/Debit cards.
Billpay will be unavailable for a short period Friday night and should be available by Saturday morning.
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.
A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09032.html) 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.
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.
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 Savings Bank.
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.
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.
12. How will I get my final account statement(s) from Security Savings Bank?
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.
14.Can I cash my interest check or cashier's check?
15. 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.
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.
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.
Checks drawn on Security Savings Bank that did not clear before Friday, February 27, will be honored up to your available balance.
19.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.
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.
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.
Please contact your former Security Savings Bank branch location to obtain information regarding your wire request.
23. How and where do I make my payments?
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.
24. Why do all deposits, insured and uninsured, pass is some transactions but not in others?
25. How can I find out more about Federal Deposit Insurance rules?
26. I represent a TV/Newspaper/Radio and would like some information.
27. 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.
28. 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.
29. I did some work for Security Savings Bank and have not yet been paid. What should I do?
30. 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 Corporation (FDIC) was appointed Receiver. According to regulatory policy, there is no advance notice given to the public. Please see the Financial Institutions Division 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.