Out-of-Market Policy
Effective October 1, 2006, the moratorium on out-of-state accounts will be revised as follows:
- New banking customers, outside our market area, will be allowed to open standard certificates of deposit. Specials can be quoted.
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Market area is defined as all counties in the State of Ohio (effective 11/22/06). Transaction accounts (checking and savings) can only be opened within our market area, where there are no First Federal of Lakewood branches, if a lending relationship exists unless there is a compelling reason to make an exception. Examples of a compelling reason may be they are attending college or work in the Cleveland area. Any exceptions should be noted in the comments section of the signature card.
- The minimum to open is $10,000 and the maximum is $100,000. Only established relationships of 5 years or longer will be permitted to waive these limits. If the balance falls below the minimum, the account should be closed.
- Eligible accounts include: standard certificates of deposit, IRA certificates of deposit and direct save. Transaction accounts are not eligible.
- No broker deposits.