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SERT Account

SERT (Self Escrow Real Estate Tax) Club Account

At First Federal Savings Bank, we understand the importance of managing your finances effectively, especially when it comes to essential expenses like real estate taxes and homeowner's insurance. That's why we've designed a unique account that not only helps you save.

Features

  • Account may be opened at any time.
  • You may contribute to estimated Real Estate Taxes AND Insurance expenses.
  • You may select how often you contribute either Monthly, Semi-Monthly, Bi-Weekly or Weekly.
  • 12 Month club account beginning June 1st and ending May 30th.
  • Automatically renew each year and the Transfer Management transfers will continue in the same amount and frequency, unless you tell us differently, or discontinue the account.
  • You may deposit more than contracted into your SERT Club account, with no effect on your Bonus.
  • The account holder must have a real estate loan at FFSB that relates to the SERT Club account
  • Your maximum Insurance contribution is limited to $2,500 annually
  • The number of annual contributions may not exceed the previous years' verifiable tax bill PLUS Insurance on the property you are saving for PLUS $1,000.
  • Automatic transfers are required from either an FFSB account or an account at another institution.
  • You must make all required periodic payments to receive the Bonus payment.
  • If you qualify, your Bonus payment will be credited to your FFSB account on June 1st, or mailed to you, unless you direct otherwise
  • Bonus payment amount will be set annually on June 1 of each year and will be set at 50 basis points ABOVE the Passbook Savings rated offered at FFSB on that date. This bonus rate will be applicable for one year and may be adjusted annually
  • Withdrawals are not permitted from SERT Club accounts. In an event of an emergency, approved by the bank President, the account can be closed with a charge of $15.00.

You are responsible for paying your real estate taxes and our insurance premiums. We do not send checks to city, state. or county offices, or insurance companies.


*The Bonus payment will be paid as bonus interest. To receive the bonus payment, you must:

  • Meet all periodic deposit requirements. If you miss a deposit or deposit less than contracted, you forfeit the Bonus for that 12 month period.
  • You may not withdraw any amount from the account. This is a NO-Debit account. If you withdraw an amount from this account you forfeit your bonus.
  • We will annually audit accounts to ensure real estate taxes, and if applicable, insurance premiums, are paid and kept current.
  • Failure to pay taxes and insurance may result in suspension or cancellation of this account.
  • If your account is canceled at any time by the bank, you forfeit any and all rights to a bonus.