We know you have questions. To better address your needs, we've compiled some of the questions we hear most frequently from you and the answers you want.
Banking Safety
Q: Will my deposits be insured at Bank of Choice?
A: Yes, deposits are insured by the Federal Deposit Insurance Corporation (FDIC). On August 10, 2010, the FDIC permanently increased the standard maximum deposit insurance amount (SMDIA) from $100,000 to $250,000. This permanent increase in the SMDIA became effective July 22, 2010.
CDs
Q: What are my options for interest payments on a certificate of deposit?
A: You may have your interest compounded by adding it to the certificate, transferred to a checking or savings account, or paid to you by having a check mailed when the interest is paid.
Q: If my certificate has not matured and I need the money, what are my options?
A: We can help you determine if it would be beneficial to take a loan against the certificate of deposit or take the penalty for an early withdrawal. Contact a New Accounts Choice Banker for further information.
Interest
Q: What is APY?
A: Annual percentage yield (APY) is the rate of return on your account balance after interest is credited to the account.
Account Beneficiaries
Q: What is POD?
A: Payable on death is the designation for the person you wish to receive the funds in your account upon your death.
Q: Do I have to name a relative to be the beneficiary on my IRA?
A: No, you may name anyone you wish as the beneficiary on any account.
Business Accounts
Q: What do I need to provide if I want to open a business account?
A: We will need the Federal Employer Identification Number (EIN), trade name registration, and the articles of incorporation for the business. Each signer on the account will need to supply his or her individual taxpayer Social Security Number (SSN) and copies of his or her Colorado Driver's License or Colorado ID.
