To: PFFM Executive Board and PFFM Locals and PFFM Members
From: Bob McCarthy, President
IAFF Vice-President Mike Mullane has been informed by Carrie Tucker, Chief Operating Officer of the IAFF-Financial Corp., that the FDIC have taken control of the Waterfield Bank. All accounts holders may transfer their assets to another bank prior to April 05., 2010 or the FDIC will mail a check for the account to the holder.
March 5, 2010
Waterfield Bank Depositor,
On Friday, March 5, 2010, Waterfield Bank of Germantown, Maryland, 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 at the new Waterfield Bank, FA are insured by the FDIC. To reduce any disruption to you, those funds will remain available to you throughout this period.
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.
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.
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. A letter will be sent to IRA customers outlining their rollover responsibilities.
On-line Banking Services, including Bill Pay, will be unavailable for transactions over the weekend; however, these systems will be available for transactions Monday morning.
The FDIC wishes to make this transition as convenient as possible for the depositors of Waterfield Bank. The FDIC can be contacted directly via phone or email:
FDICCallCenter: (800) 830-4735
Hours of Operation, Eastern Standard Time
Friday, March 5: Until Midnight
Saturday, March 6: 9:00AM – 9:00PM
Sunday, March 7: Noon – 9:00PM
Thereafter: Weekdays: 8:00AM – 8:00PM
FDIC Email: waterfieldbankquestions@fdic.gov
The FDIC has also assembled useful information regarding your relationship with Waterfield Bank. Please visit the links below for additional information.
Waterfield Bank Questions and Answers:
FDIC Bank Closing Information for Waterfield Bank
Is My Account Fully Insured?
http://www2.fdic.gov/dip/index.asp
Electronic Deposit Insurance Estimator:
http://www.myfdicinsurance.gov
Sincerely,
FDIC Customer Service
