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An Important Message
Regarding your Retirement Accounts
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The Worker, Retiree and Employer Recovery Act of 2008 was signed into law on December 23, 2008. This legislation waives 2009 required minimum distributions (RMDs) for IRA Holders, Qualified Plan Participants and Beneficiaries of inherited IRAs. For Retirement Plan Holders who turn age 70 ½ in 2008 and have elected to delay their RMD to early 2009 (by the April 1, 2009)deadline you must still satisfy your 2008 RMD.
Extension of five year period for beneficiaries who are subject to the five year rule, 2009 is not counted as part of the five year period. For example, if the retirement account owner died in 2007 which would result in the five year period ending December 21, 2012 the deadline is extended until December 31, 2013.
Conclusion
Retirement account owners who are of RMD age and beneficiaries who want to take distributions from their retirement accounts for 2009 may still do so. The important difference is that distributions for 2009 are optional as opposed to being required.
We recommend that customers consult a tax or financial advisor about their individual situation. |
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Personal Savings Products |
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Account
Name |
Minimum to
Open |
Terms |
Service
Charge |
Withdrawal Limitations |
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Regular
Savings
More Info |
$50 |
N/A
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$3, If
balance falls below $50 |
Up to six preauthorized
withdrawals per statement cycle of which six may be transfers or checks. |
Money
Market
More Info |
$1,000 |
N/A |
$10, If
balance falls below $1,000 |
Up to six preauthorized
withdrawals per statement cycle of which six may be transfers or checks. |
Money
Market Special Savings
More Info |
$25,000 |
N/A |
$20, If
balance falls below $25,000 |
Up to six preauthorized
withdrawals per statement cycle of which six may be transfers or checks. |
Kids
Club Savings
More Info |
$25 |
N/A |
None |
Up to six preauthorized
withdrawals per statement cycle of which six may be transfers or checks. |
Holiday
Savings
More Info |
$25 |
N/A |
None |
Up to six preauthorized
withdrawals per statement cycle of which six may be transfers or checks. |
Certificate of Deposit
More Info |
$1,000 to $5,000 |
3 months to 48 months |
N/A |
Possible penalties for
early withdrawal. |
Individual Retirement Account
More Info |
$1,000 to $5,000 |
3 months to 48 months |
N/A |
Possible penalties for
early withdrawal. |
Individual Retirement Savings Account
More Info |
$50 |
N/A
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N/A
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Possible
penalty for closing account or
withdrawals. |
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Everybody makes promises. At Cambridge State Bank we
make commitments! |
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Equal Housing Lender |
Home
127 South Main Street - 127 Opportunity Blvd N
Cambridge, MN 55008
Routing Number: 091911409 |
Member FDIC |
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Transaction Account Guarantee Program
Cambridge State Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Transaction Account Guarantee Program Expiration
After December 31, 2009, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC's general deposit insurance rules.
FDIC Depository Insurance
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. |
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