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Notices & Disclosures
Protecting your privacy is important to Second Federal Savings & Loan Association of Philadelphia and its employees. We want you to understand what information we collect and how we use it. In order to provide our customers with a broad range of financial products and services as effectively and conveniently as possible, we use technology to manage and maintain customer information.
The following policy serves as a standard for all of our employees for collection, use, retention, and security of nonpublic personal information.
We collect nonpublic personal information about you from the following sources:
- Information we receive from you on applications or other forms.
- Information about your transactions with us or others, and
- Information we receive from a consumer-reporting agency.
We do not disclose any nonpublic personal information about you to nonaffiliated third parties. If you decide to close your account(s) or become an inactive customer, we will still adhere to the privacy policies and practices as described in this notice.
Second Federal Savings restricts access to your personal and account information to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
We may change our privacy policies, but we will provide you with advance notice before doing so. If you have any questions, please feel free to contact me by telephone at 215.563.1572.
David B. Rowland
President & CEO
June 2023COMMUNITY REINVESTMENT ACT NOTICE
Under the Federal Community Reinvestment Act (CRA), the Office of the Comptroller of the Currency (OCC) evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operations. The OCC also takes this record into account when deciding on certain applications submitted by us.
Your involvement is encouraged.
You are entitled to certain information about our operations and our performance under the CRA, including, for example, information about our branches, such as their location and services provided at them; the public section of our most recent CRA Performance Evaluation, prepared by the OCC; and comments received from the public relating to our performance in helping to meet community credit needs, as well as our responses to those comments. You may review this information today.
At least 30 days before the beginning of each quarter, the OCC publishes a nationwide list of the banks that are scheduled for CRA examination in that quarter. This list is available from the OCC, 340 Madison Avenue, New York, NY 10173. You may send written comments about our performance in helping to meet community credit needs to Second Federal President David B. Rowland, 1727 Chestnut Street, Philadelphia, PA 19103 and the OCC Philadelphia Field Office at 1150 Northbrook Drive, Suite 303, Trevose, PA 19053. Your letter, together with any response by us, will be considered by the OCC in evaluating our CRA performance and may be made public.
You may ask to look at any comments received by the OCC. You may also request from the OCC an announcement of our applications covered by the CRA filed with the OCC.
S.A.F.E. Act Disclosure Notice
The Nationwide Mortgage Licensing System (NMLS) and Registry offers NMLS Consumer Access, which is a free service for consumers to confirm that the bank or mortgage company and the mortgage professional with whom they wish to conduct business are registered with the federal system or licensed, if required, in the state in which they conduct business.
To access service please go to nmlsconsumeraccess.org
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The following employees of Second Federal Savings & Loan Assoc. of Philadelphia are registered with the Nationwide Mortgage Licensing System and Registry as Mortgage Loan Originators:
David B. Rowland, President & CEO: NMLS ID: 619489
Charles D. Whitford, Chief Lending Officer: NMLS ID: 481323
Ivy W. Kilgannon, Branch Manager: NMLS ID: 2338594
Nationwide Mortgage Licensing System and Registry
Second Federal NMLS ID: 1406877
www.NMLSConsumerAccess.org, NMLS Consumer Access is a stand-alone website, separate from NMLS, that contains administrative and licensing information for companies, branches, and individuals licensed or registered through NMLS.
NMLS Consumer Access is provided without charge to the public.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license or other identifying documents.
PASSBOOK SAVINGS ACCOUNT
Rate Information: Your interest rate and annual percentage yield (APY) may change.
Frequency of rate changes: We may change the interest rate on your account at any time.
Determination of rate: At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency: Interest will be calculated on a simple basis and credited to your account quarterly.
Minimum balance to open the account: You must deposit $100.00 to open this account.
Minimum balance to obtain interest: You must maintain a minimum balance of $100.00 in the account each day to earn interest.
Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day you deposit noncash items (ex., checks).
MONEY MARKET ACCOUNT
Rate Information: Your interest rate and annual percentage yield (APY) may change and will be based on the following tiers:
- More than $99.99 but less than $1,000.00
- More than $999.99 but less than $25,000.00
- More than $24,999.99 but less than $50,000.00
- More than $49,999.99
Frequency of rate changes: We may change the interest rate on your account at any time.
Determination of rate: At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency: Interest will be calculated on a simple basis and credited to your account quarterly.
Minimum balance to open the account: You must deposit $1000.00 to open this account.
Minimum balance to obtain interest: You must maintain a minimum balance of $100.00 in the account each day to earn interest.
Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of Interest on non-cash deposits: Interest begins to accrue on the business day you deposit noncash items (ex., checks).
Transaction limitations: Transactions are limited to 6 per month.
TIME DEPOSIT ACCOUNT
(Including Certificate of Deposit and IRA Account)
Term: Ranges from 6 months to 5 years (60 months).
Minimum balance to open the account: You must deposit $500.00 to open this account. Special offers may require a higher deposit.
Rate Information: The interest rate and annual percentage yield (APY) are determined on the opening day for the initial term of the certificate. You will be paid this fixed rate until the maturity date of your certificate.
Minimum balance to obtain the annual percentage yield disclosed: You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed APY. Special rate offerings may stipulate a higher minimum balance.
Compounding and crediting frequency: Interest will be compounded daily and credited to your account quarterly.
Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits: Interest begins to accrue on the business day you deposit noncash items (ex., checks).
Interest Credited: Interest credited during the term of the certificate can be withdrawn penalty free.
Withdrawal of interest prior to maturity: The APY assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Transaction limitations: After the account is opened, you may not make deposits into this account until the maturity date.
Renewal of Account: The account will automatically renew at maturity for the same term at then prevailing rates. Special rate offerings will renew at the nearest standard term, not to exceed the special rate term. You will have 7 calendar days after the maturity date to withdraw your funds without a penalty. This time period is also known as a grace period. You may prevent renewal if you withdraw the funds in the account at maturity or we receive written notice from you within the grace period. Interest will be earned during the grace period if the funds are withdrawn.
Early withdrawal penalties: We may impose a penalty if you withdraw any principal before the maturity date. The amount of the penalty will be equal to the interest, whether earned or not, for half the current term of the account on the principal withdrawn. If you reduce the balance in the account below the minimum balance requirement, we may impose the penalty on the entire account balance and you will then be required to close out the account. In certain circumstances, such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.
Special IRA Account Provisions: You must be at least 59-1/2 years of age to make a withdrawal from an IRA account, otherwise a 10% IRS penalty may be assessed. Penalties may be imposed for withdrawals that are not a qualified distribution. See your plan disclosures if this account is part of an IRA or other tax qualified plan.
FUNDS AVAILABILITY POLICY
The following constitutes the Funds Availability Policy of Second Federal Savings & Loan Association of Philadelphia:
In the interest of consumer awareness, this disclosure describes your ability to withdraw funds from your accounts at Second Federal Savings.
For purposes of this policy, the terms “you”/“your” refer to the depositor of a consumer account and the terms “our”/”we”/”us” refer to Second Federal Savings & Loan Association of Philadelphia. The term “Business Day” means any day other than a Saturday, Sunday or federal holiday.
Your Ability To Withdraw Funds
Our policy is to generally make funds from your cash deposits made in person available to you on the same Business Day upon which we receive your deposit. Funds from your check deposits made in person are available to you on the fifth Business Day after the day we receive your deposit.
Please remember that if you do not make your deposit in person (for example by mail), funds from these deposits will be available generally on the fifth Business Day after the day we receive your deposit. Also, even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for any other problem involving your deposit.
Determining The Availability Of A Deposit
The length of the delay is counted in Business Days from the day your deposit is received by one of our employees. If you make a deposit within the bank branch before the branch closes, we will consider that day to be the day of your deposit. If you make a deposit after the branch is closed, then we will consider that the deposit was made on the next Business Day. If you make a deposit on a non-Business Day, we will consider that the deposit was made on the next Business Day.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the fifth Business Day after your deposit. If we are not going to make all of the funds from your deposit available on the third Business Day, we will notify you at the time you make the deposit when the funds will be available. If your deposit is not made in person at our branch location, or if we decide to take this action after you have left the premises, we will mail you the notice by the first Business Day following the day the deposit is made.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposited will not be paid.
- You deposit checks total more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the tenth Business Day after the day of your deposit.
Special Rules For New Accounts
If you are a new customer, the following special rules will apply during the first 30 days your account is open. Funds from deposits of cash will be available on the fifth Business Day after the day of your deposit. For all forms of checks deposited, funds will be available on the tenth Business Day after the day of your deposit.
The following fees and transaction limitations, if any, apply to all accounts effective January 1, 2023:
Returned Check (per item)$45.00Stop Payment (per item)$35.00Reissue Check (per item)$5.00Account Activity Printout$5.00Account Research (hourly)$30.00Dormant Account (per year)$25.00New Account Closed Within 30 Days$25.00Photocopies of Documents or Cleared Checks$10.00Wire Transfers (domestic only) Outgoing:$95.00Wire Transfers (domestic only) Incoming:$20.00Savings Loan Documentation Fee$25.00Payoff Requests - First:N/CPayoff Requests - Second:$20.00IRA Transfer Fee/Early Redemption$25.00Certified Mailing$15.00Reprint of tax documents (per item)$5.00