What is a CD Broker?
Under the Federal Deposit Insurance Act 12 U.S.C. 1831f(g), a Deposit Broker is defined as any person or entity engaged in the business of placing deposits or facilitating the placement of deposits of third parties with FDIC insured depository institutions. (Federal Deposit Insurance Corporation)
How Secure is a Bank CD through Sun Cities Financial Group?
The security of a Bank CD purchased through Sun Cities Financial Group is the same as a CD purchased directly because your CD is ‘directly’ with a bank.
Whom do I Make the Check Payable To?
Since Sun Cities Financial Group is not your bank, you never make your check payable to us. Instead, you make your check payable to the financial institution you select.
Is Sun Cities Financial Group FDIC Insured?
No. Sun Cities Financial Group is not a bank. Since the deposit will be made into a federally insured bank rather than Sun Cities Financial Group, it is not required for Sun Cities Financial Group to have FDIC insurance. However, all the banks we use are FDIC insured.
What Bank Does Sun Cities Financial Group Use?
There are over 6000 FDIC Insured Banks and we work with any of them willing to accept deposits and pay above average yields.
Are the Banks Out of the Area?
Sun Cities Financial Group works with banks in and out of the area. In almost all cases, Sun Cities Financial Group will present you with two to three banking institutions for you to choose from and all are federally insured up to the insurance limits set forth by the FDIC.
How Do I Open a Bank CD through Sun Cities Financial Group?
It’s simple! The same way you would a CD at any bank. We need the bank required information along with two forms of identification. You may use a personal check, bank check or cashier’s check. We cannot open your CD through the mail.
Where Do I Go for Service after I Purchase the Bank CD through Sun Cities Financial Group?
You may contact the financial institution directly for service or contact our office for assistance.
What is My Proof of Deposit in My Bank CD?
The day you purchase your CD, Sun Cities Financial Group will give you a receipt and confirmation from the FDIC insured bank along with disclosures. All of your CD correspondence comes directly from the bank to you. Statements, interest reporting and maturity notices are mailed to you directly from the bank you purchased your CD with.
What Happens When My CD Matures?
When your CD matures you will have a grace period to decide whether you want to renew the CD at the current rate or close your CD for principal and earned interest.