SFGI Direct is the bank without walls, long lines, or complexity. It is an online division of Summit Community Bank, where you can bank safely and easily with competitive rates on savings accounts.
Summit Community Bank is headquartered in Moorefield, West Virginia approximately 90 miles west of Washington, D.C. and has offices located in West Virginia and Northern Virginia. Summit Community bank has more than $1.4 billion in assets as of November 30, 2008.
Although SFGI Direct has no physical branches, we pride ourselves on providing the same professional customer service of a traditional bank branch at sfgidirect@summitfgi.com or by phone. Our customer service representatives are available Monday-Friday 8am-6pm and Saturday 8am-2pm (Eastern Time). They can be reached at 1-877-776-9722.
Customers who bank with SFGI Direct can feel safe knowing their accounts are covered by FDIC insurance up to applicable limits. SFGI Direct is a division of Summit Community Bank. SFGI Direct and Summit Community Bank are the same Federal Deposit Insurance Corporation (FDIC)-Insured institution. Deposits held under each trade name of Summit Community Bank or SFGI Direct are not separately insured but are combined to determine whether a deposit exceeded the applicable FDIC insurance limit. Each depositor is insured up to the maximum amount allowed by the FDIC Deposit Insurance Coverage Limit in affect. More information on FDIC insurance is available on the FDIC website at www.fdic.gov.
SFGI Direct Basics
Q: How do I open a high interest savings account?
A: To open a SFGI Direct account, just click “Apply” on any of the product pages.
Q: How do I bank with SFGI Direct?
A: SFGI Direct is just a click or call away. You can manage your high interest savings account anywhere you have an Internet connection using the tools within SFGI Direct. In addition to contacting us online, you can reach us by calling 1-877-776-9722.
Q: How do I move money in and out of my SFGI Direct high interest savings account?
A: You can make withdrawals and deposits on your SFGI Direct high interest savings account using our online banking service, SFGI Direct Access, or initiating through another institution. You can make either one-time or scheduled transfers between your SFGI Direct high interest savings account and your account with us or at other institutions.
Q: What is an “external account”?
A: When we refer to “external accounts” we mean any account other than an account opened through SFGI Direct. In other words, an external account includes any account at another financial institution other than your SFGI Direct high interest savings accounts.
Q: How many external accounts can I link?
A: You can only have one external account.
Q: How do I know my high interest savings account is secure?
A: SFGI Direct banking systems are protected with strong security technology. We maintain strict standards and procedures to help prevent unauthorized access to information, including 128-bit encryption. When you sign on to access your account, we will ask you for your User ID and password in addition to other pieces of information to authenticate your identity.
Q: Is my high interest savings account FDIC insured?
A: SFGI Direct is a division of Summit Community Bank and is not a separate entity for purposes of FDIC insurance. Summit Community Bank is a member of the Federal Deposit Insurance Corporation (FDIC). All deposit accounts offered by Summit Community Bank are covered by FDIC insurance up to the maximum applicable limits. Deposit accounts opened through the SFGI Direct division are aggregated with all other deposit accounts at Summit Community Bank for purposes of determining the level of FDIC insurance available to each depositor. You can learn more about FDIC coverage at www.fdic.gov.
Q: What is an APY?
A: The “APY” or Annual Percentage Yield is the rate of return on an interest-bearing account for a one-year period based on the interest rate and frequency of compounding, as well as the assumption that funds, including interest paid, remain on deposit for a full year. The APY for an account pays a variable interest rate (i.e., an interest rate that may change after the account has opened) is a hypothetical rate that assumes that the interest rate will not change, although, in fact, it may change in accordance with the features and terms of the account. The current APY for a particular account is located on the specific product page.
Q: How is interest compounded and how often?
A: For SFGI Direct high interest savings accounts: interest is accrued daily and compounded or credited to the account monthly on the last day of the statement period, if the account is then open.
Q: Can I open a Business account with SFGI Direct?
A: At this time SFGI Direct does not offer Business accounts.
Q: Can I open an IRA (Individual Retirement Account)?
A: At this time SFGI Direct does not offer IRAs.
Q: What is an electronic transfer?
A: An electronic funds transfer is a transfer between accounts that is made electronically. Electronic fund transfers are used to make initial deposits to SFGI Direct and to make ongoing transfers to and from SFGI Direct accounts. Electronic funds transfers can also be used to add or withdrawal funds from a SFGI Direct deposit account.
Q: Can I open a high interest savings account with a beneficiary?
A: No. At this time only individual or joint accounts are offered using the online application.
SFGI Direct During Account Opening
Q: What is an Online High Interest Savings Account?
A: It's a high interest savings account you manage online to make the most of your savings. There are no monthly fees, no balance minimums, and you can access your money anytime. You can link your Online Savings Account to any other account, so it's just as easy to add to your savings as it is to access it.
Q: What do I need to open an account?
A: You will be asked for your U.S. Social Security number and a valid form of identification including: Driver’s license, State ID, Military ID or Passport. You will also need to provide personal information, including your name, social security number, date of birth, physical address, telephone number, former mailing address(es), and employment information. If you are not a U.S. Citizen or U.S. Resident Alien and do not have this information, we will be unable to enroll you online.
Q: Why is personal information required to open an account online?
A: Your application is processed subject to our ability to verify your identity.
Q: Why is my email address needed?
A: We collect your email address during account opening so that we can send you confirmations and notifications regarding your SFGI Direct Account.
Q: Why is my Social Security Number needed?
A: Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
Q: Why do you ask for my employer name and occupation description?
A: Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
Q: What is a joint account?
A: If you choose a joint account, it will be owned by you and a co-applicant with rights of survivorship. For more information on joint accounts, please see the section of Deposit Account Agreement titled “Joint Accounts with Rights of Survivorship.”
Q: What information do I need to open a joint account?
A: You will need the same information that is required when opening an individual account – but you will need it for both applicants. For details, see “What do I need to open an account?” above. Please note that each applicant will need to agree to all account disclosures, terms and agreements found within the application process.
Q: What do I do if my application is declined?
A: Please contact SFGI Direct Customer Service at 1-877-776-9722 for more information concerning the status of a declined application.
Q: Can I change the information on my high interest savings account application?
A: You have the option to edit your account information prior to submitting the information to SFGI Direct. Simply click on the “Edit” button above the grouping of information you would like to change, and you will be permitted to change your input.
Q: Is a minimum deposit required to open a high interest savings account online?
A: Yes, a $500 minimum deposit is required to open an account with SFGI Direct.
Q: Is there a limit on the initial deposit that I can make?
A: Yes, there is a limit to your total initial deposit of $25,000.00.
Q: How do I make an initial deposit into my SFGI Direct high interest savings account?
A: Within SFGI Direct account opening process you must fund the account using funds from another checking or savings account that you hold at another bank into your SFGI Direct high interest savings account. In addition, you will be required to verify that you are the owner of the checking or savings account you want to transfer the funds from via instant verification or micro-deposits (2-3 day verification).
Q: What is Instant Verification?
A: If your bank is registered to perform instant verification, then you can log into your bank’s internet banking system using your existing credentials to verify that you are the owner of the account.
Q: What is Micro-Deposit?
A: Micro-Deposit is a process where two small deposits (less then $1.00) are made into your bank account you use to make your initial deposit and you verify the two small deposits with us once they have been made into your account. These two small deposits normally take 2-3 business days before they appear in your account.
Q: What is the difference between micro-deposit and instant verification?
A: The Micro-deposit takes 2-3 business days and two small deposits are made to your account. Instant verification is immediate and uses your existing internet banking credentials, if available.
Q: Can I fund my high interest savings account with a paper check?
A: No. At the present time you can only fund your account by electronic fund transfer from another account with us or another bank.
Q: When will my initial deposit be available for withdrawals?
A: Your opening deposit amount will not be available to you for 5 business days after you charge the External Account.
Q: What do I do if my initial deposit is not showing in my account?
A: Transfers from external accounts sometimes take several days to process. If you do not see a credit for a deposit in your account after 5 business days, please contact SFGI Direct Customer Service by sending a secure message through the internet banking site or by calling 1-877-776-9722.
SFGI Direct After Account Opening
Q: What do I do if I forget my password?
A: You can reset your forgotten password by going to the SFGI Direct Access sign on screen, entering your User ID and clicking the “Forgot Your Password” link on the Sign On Page. You can also call us at 1-877-776-9722 and ask for the password to be reset.
Q: What do I do if I forget my User ID?
A: Call us at 1-877-776-9722 and we will help you reset your User ID.
Q: How do I set up Direct Deposits to my Online Savings or Online Payment Account?
A: Check with your employer or other paying institution (e.g., Social Security, Insurance Annuity firm) to see if they allow direct deposits and how to set them up. The institution providing your regular payments will need both your account number and our routing number: 052202225.
Q: How long does it take to transfer money between my SFGI Direct high interest savings account and my linked checking account?
A: Electronic transfers between SFGI Direct and other banks are FREE and generally take 2 banking business days. Add an extra day for Federal holidays. Like most banks, when we electronically transfer money with another bank, the money goes through a secure network called the Automated Clearing House (ACH) system. Basically, we pull our transfer requests together each day and send them off to the ACH system. That system then pulls together all the daily files they receive from thousands of banks and routes the transfer to the appropriate receiving bank account and then the transfer occurs.
Q: Can I wire money into my SFGI Direct high interest savings account?
A: No. At the present time we cannot accept wire transfers.
Q: Can I use checks with my SFGI Direct high interest savings account?
A: No. At this time SFGI Direct does not allow check to be written on Savings accounts.
Q: Is there a limit on how I can withdraw funds from my SFGI Direct high interest savings account?
A: No, you can withdraw funds either through your SFGI Direct account or another institution.
Q: Is there a limit on the amount of money I can transfer?
A: No. There is no maximum dollar limit of any single External Transfer to or from any SFGI Direct Savings account. There is no limit on the amount of money you can keep in your SFGI Direct Savings account.
Q: What interest rates are offered on SFGI Direct High Interest Savings Accounts?
A: Please refer to our SFGI Direct Website (www.sfgidirect.com) for current rates and yields.
Q: How often will I receive a statement?
A: You can see all your current transactions and balance information at any time. All statements will be available for viewing on the first day of the month. To view your statements, just click on Statements under the Accounts section. You will be able to view and print up to 24 months of statements.
Q: How do I change my external account?
A: If you would like to change your current external account, you can send us a secure message or a fax request to 1-304-530-0350. We will also need a written request with the new routing number and account number with a copy of a voided check, deposit ticket or statement.
©2009 SFGI Direct, a division of Summit Community Bank, Member FDIC, Certificate No. 34102. All rights reserved.