Certificate of Deposit Agency
Common Question and Answers
As stated by 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
The security of a Bank CD purchased through Old Security Financial Group is the same as a CD purchased directly because your CD is ‘directly’ with a bank.
No. Old Security Financial Group is not a bank. Since the deposit will be made into a federally insured bank rather than Old Security Financial Group, it is not required for Old Security Financial Group to have FDIC insurance. However all the banks we use are FDIC insured.
Since Old Security Financial Group is not a Bank, you never make your check payable to us. Instead you make your check payable to the financial institution you select.
There are over 7,700 FDIC Insured Banks and we work with any of them willing to accept deposits and pay above average yields.
You may contact the financial institution directly for service or contact our office for assistance.
Old Security Financial Group works with banks in and out of the State of Texas. In almost all cases, Old Security Financial Group will present several banking institutions for you to choose from and all are Federally insured up to the insurance limits set forth by the FDIC.
The day you purchase your CD, Old Security Financial Group will give you a receipt and confirmation from the FDIC Insured bank along with disclosures. All of your CD correspondance 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.
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.
It’s the same way you would purchase a CD at any bank. We need the bank required information along with two forms of indentification. You may use a personal check, bank check or cashiers check. We are unable to open your CD through the mail or our website.
Read the full disclosures of each “Certificate Of Deposit” offering to make sure the terms are acceptable to you.