IMPORTANT INFORMATION: Teamster Privilege Banking Center
Dear Teamster Member and Retiree,
In December of 2006, the International Union and the IBT Supplemental Benefits Trust entered into a partnership with Affinity Financial Corporation of Irvine, California to establish the Teamster Banking Center - an online bank for the benefit of active and retired Teamsters and their families.
On Friday, March 5, 2010, one of the banks used by the Teamster Banking Center - Waterfield Bank - was taken over by the Federal Deposit Insurance Corporation (FDIC). After learning of the Federal government's action, the International Union and the IBT Supplemental Benefits Trust immediately terminated the existing arrangement with Affinity Financial Corporation and began the process of shutting down the Teamster Banking Center.
Below are some important facts regarding this action:
- FDIC created Waterfield Bank, FA to take over the operations of Waterfield Bank.
- The new institution was opened on Monday, March 8, 2010 and will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions.
- As soon as possible during this period, you should make arrangements to transfer your accounts to another insured bank or thrift.
- If you have not made such arrangements by April 5, 2010, the FDIC will mail you a check for the full balance of your account.
- You will continue to have access to your accounts, checks, ATM card. Other payments will continue to be processed as usual while Waterfield Bank, FA remains open.
- On-line banking services, including bill pay will be active by Monday morning, March 8.
- For CD accounts, the FDIC will mail a check to the mailing address on record with Waterfield Bank. Checks will be mailed on Monday, March 8, 2010.
Please select the link below to read more about this event:
FDIC Bank Closing Information for Waterfield Bank
Click here for FDIC Question and Answer Guide
Click here to read the letter the FDIC sent to Waterfield Bank depositors
Important Phone Numbers for Additional Information
- Banking Center Customer Service 1-866-450-5284
- FDIC 1-800-830-4735
- IBT Benefits Department 202-624-6838
Click here to read Memorandum to Joint Councils, Local Unions and other Affiliates
