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Bank on Saturday!

Beginning Saturday, April 2, you can enjoy the convenience of taking care of your banking needs on Saturday. We're expanding our hours of business to include Saturdays from 9:00 A.M. to 1:00 P.M. at our Tates Creek Road and Georgetown, KY branches. Both the lobby and drive-thru will be open during these hours.

- March 2005

Online Bill Pay is Now Free!

Enjoy the flexibility of paying your bills online, 24 hours a day for free! It's quick, easy and at First Federal Bank your bills are guaranteed to be paid on time. Bill Pay eliminates the hassle of writing checks and mailing in credit card payments. With the click of a button, the funds are electronically transferred from your First Federal Bank checking account to the payee. And, you can set up reoccurring bills to be paid automatically each month. It's time to stop writing checks and use Online Bill Pay. We also offer Virtual Terminal Merchant Pay through AMS Technologies. And, if your checking account is not at First Federal Bank, our Switchkit makes the change quick and easy.

-February 2005

The "Float" will Disappear with Check 21.

When Check 21 went into affect on October 28, 2004, financial institutions began converting checks to electronic images permitting quicker processing of checks. More rapid processing of checks will mean less float…the time between when a check is written and when it clears. You will want to make sure that adequate funds are in your account when checks are written to avoid potential problems. Click here for more information on Check 21.

Checks are Changing with Check 21.

The Check Clearing for the 21st Century Act, "Check 21", went into affect on October 28. The goal of this law is to improve the overall efficiency of the nation's payment system.

Today, most checks are physically transported before they can be cleared. Check 21 provides a new option: legal acceptance of paper reproductions of original checks. This reproduction is called a "substitute" check and is produced from a digital image of the original check. The ability to convert checks to electronic images will permit quicker processing of checks.

How Will Check 21 Affect You?

The "Float" Will Disappear...
More rapid processing of checks will mean less float…the time between when a check is written and when it clears. You will want to make sure that adequate funds are in your account when checks are written to avoid potential problems.

Substitute Checks...
By October 28, 2004, every bank will be required to accept substitute checks, just as they currently accept your original check. If you receive your cancelled checks or electronic images of your cancelled checks with your account statement, you will begin seeing substitute checks after that date. A substitute check is the legal equivalent of the original check and will include all the information contained on the original.

Combat Fraud...
Check 21 includes several safeguards for check writing consumers. Check 21 helps speed check clearing, so check fraud can be discovered faster. Faster fraud detection means faster resolution for customers. Another safeguard: A bank that creates a substitute check must warrant that it is accurate. The bank also has to make sure that the substitute check is produced in accordance with industry standards for quality.

The financial industry is working hard to streamline the check clearing process and make use of new electronic technology. Check 21 allows paper to work in the electronic world allowing you to continue using the familiar paper check to make payments.

Customer Alert-Fraudulent E-mails.

First Federal Bank does not send out e-mails requesting personal information. If you receive an e-mail requesting such information, do not respond. If you have already responded, notify us immediately.

If you need to contact us through the Internet, you may do so through our secure website.

For additional information on ways to protect your First Federal Bank accounts and personal information, call the FTC toll-free at 1-877-IDTHEFT (438-4338) or you can go to the Federal Trade Commission's (FTC) consumer website at www.consumer.gov/idtheft.

Check Imaging...a better way to maintain checking account records.

First Federal Bank is proud to announce the implementation of check imaging. We recently added a new Echeck imaging network technology from Clarity. Our check imaging technology will make managing your account records easier.

How check imaging works.

Each month, you will receive an easy to read statement along with printed images of your checks. The check images will be reduced and printed on 8 ˝" by 11" sheets of paper, in check number order, making the task of sorting through checks a thing of the past. The statements and check images will be 3 hole punched for easy, organized storage in a 3 ring binder…provided free by First Federal! To receive your free binder, simply stop by any First Federal Bank location.

How check imaging benefits you.

Check imaging will save you time while balancing your checkbook and make storing your statements and checks easier than ever before. You'll receive better customer service, as our research capabilities will be greatly improved. And in the near future, our Online Banking customers will be able to view their check images via the Internet.

Check images are recognized as a legal substitute for cancelled checks. Merchants, as well as, local, state and federal government agencies accept check images as valid proof of payment.

Other changes affecting your monthly statement.

Deposit tickets will no longer be included with monthly statements. However, photocopies of deposit tickets are always available upon request.

We look forward to continuing to deliver new and innovative products and services to help you with your banking needs.

Manage Your Money With More Convenience With Money HQ.

Money HQ gives you greater convenience by bringing your online accounts together…on one screen. It allows you to view and organize your bank, credit union, retirement and brokerage accounts - just to name a few - on one convenient, easy to read screen.

When you need to move money between institutions, it's easy and convenient through Money HQ. At a glance, you can see when your bills are due and how much you owe. You can also receive email alerts for account balances and bill due dates. And, you can send money to anyone by email. All you need is their email address and you are set to go.

Try Money HQ free for 60 days!

Put Money HQ to work for you. Try it now and the first 60 days is on us. You'll be glad you did.

Changes to The Minimum Holding Period for Savings Bonds

The minimum holding period has increased from 6 months to 12 months for Series EE and I bonds with an issue date of February 2003 and after. The minimum holding period is the length of time a bond must be held before it's eligible for redemption. Some bonds may contain a printed statement on the reverse that says the bond can be redeemed after six months. Even if the statement appears on a bond issued February 2003 or after, you can't redeem it until it is 12 months old. For more information on savings bonds, call First Federal Bank or visit www.savingsbonds.gov.

An Electronic Savings Bond is now Available.

Public Debt has introduced a new savings bond. The familiar paper I bond now has a paperless cousin. Through a Treasury/Direct account, an individual can purchase the newest product in the Treasury securities family, the electronic I bond. The Electronic I bond is an inflation-indexed bond like its paper cousin, but that's where the similarity stops. The electronic I bond is available in amounts from $25 to $30,000, in penny increments. Interested in learning more? Check out Treasury/Direct at www.treasurydirect.gov.

Save for your child's education with our Coverdell Education Savings Account.

Our Coverdell Education Savings Account allows you to save for your child's education. The plan offers tax-deferred earnings and distributions may be free of federal income tax and penalties when used to pay for qualified education expenses.*

First Federal Bank offers you several account options to choose from.

  • Certificate of Deposit. This account has a fixed rate for the term. You can choose a term from 1-5 years. There is a minimum requirement of $100 to open the account and a $2,000 annual contribution limit for eligible individuals.
  • Add-On Certificate of Deposit. This one-year certificate allows you to make additional deposits to your account without extending the maturity date. There is a minimum requirement of $100 to open the account and a $2,000 annual contribution limit for eligible individuals.
  • Money Market Deposit Account. This variable interest rate account allows you to make multiple deposits at any time. The minimum requirement to open it is $50 with a $2,000 annual contribution limit for eligible individuals.

Planning for your child's education is an important financial decision. Invest in their future with First Federal Bank's Coverdell Education Savings Account.

*Consult your tax advisor

Quicken Direct Connect gives you greater financial control and convenience.

With Quicken Direct Connect you manage your finances all in one place. You no longer have to go back and forth between Quicken and online banking. What's more... when you signup with Pensmore Quicken Tools, you have a choice. Whether you use Quicken Direct Connect or our online banking service, they will always have the same information. So you have complete flexibility.

Quicken Direct Connect allows you to view account information, pay bills and download your transactions with one simple click all while in your Quicken software.

Sign up today and take advantage of the convenience of Quicken Direct Connect.

More ATMs Mean...Greater Convenience!

The Alliance One network, of which First Federal Bank is a member, continues to grow giving you more ATM access free of surcharges. Now, with the addition of Traditional Bank and Unified Banking Company, we can offer you greater convenience when you need access to your accounts. For a current listing of area ATM locations, please click on Alliance One ATM Network.


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