FREQUENTLY ASKED QUESTIONS

These CD’s are not securities and AIG Bank deposits may be offered anywhere in the United States.

AIG Bank will pay a one-time fee of 25 basis points (annualized) of the dollar value of assets placed in a CD by your client. The Bank will provide this amount to VFA within thirty days of the end of the calendar month in which the CD(s) was opened. VFA will then distribute funds to you based on their grid schedule.

AIG Bank offers competitive pricing to clients regardless of deposit or relationship size. If your client is inquiring into opening a CD account of $250,000.00 or more please contact the Bank at 1-866-244-4440.

Based on review by VFA compliance, because CD’s are bank products, no securities licenses are required to offer them to your clients.

1. Download  and print the CD account application. From the VALIC website, download and print the Client Account Form (VL 13985) and Fixed Income Transaction Disclosure Form (VL 21039).
2. Complete Application, Client Account Form (VL 13985) and Fixed Income Transaction Disclosure Form (VL 21039). Obtain client signature and enclose ACH form or check, payable to “AIG Federal Savings Bank”. Minimum account deposit $10,000.
3. Overnight all documents and initial deposit (ACH instructions or check) in your normal paperwork to VFA.
4. VFA will review paperwork, establish record, and forward application and ACH form or check to AIG Bank.
   

Yes, we offer retirement CDs. To open a CD within a Traditional or ROTH IRA, please call 1-866-244-4440 for assistance.

The minimum initial deposit for Advisor Certificates of Deposit is $10,000. Advisor Certificates of Deposits that are opened within an IRA require a minimum initial deposit of $3,000.

Yes. Each depositor is insured to at least $250,000 in aggregate with all deposits held in the same legal capacity (e.g., single ownership, joint ownership, etc.) at AIG Bank.

Your client has 10 days after the maturity date to withdraw funds without penalty.

Yes, the penalty will be equal to 90 days’ interest on the amount withdrawn if the term is less than or equal to one year. For terms longer than one year, the penalty will be an amount equal to 180 days’ interest on the amount withdrawn.

AIG Bank compounds interest daily on these Certificates of Deposit. The Bank’s annual percentage yields (APY), which reflect the overall return on your client’s deposit, are very competitive, and often exceed those offered by local and national competitors.

The current practice is to review rates weekly, generally on Wednesday. However, the Bank reserves the right to change rates at anytime without prior notice.

Statements are issued at calendar quarter end.

As your client’s interest accrues monthly, they have the option to let the interest remain with their CD until maturity, or they may have it credited through ACH to another bank account.

AIG Bank was chartered in May 2000 to serve consumers, small businesses, AIG policyholders, and AIG employees. AIG Bank provides specialized FDIC insured deposit products, loan products, and banking services to these core customer groups nationwide. The Bank’s main office located in Wilmington, Delaware is open for retail business.

Our Service Professionals are available Monday through Friday (8 am - 5 pm ET). Contact us at 1-866-244-4440. Alternatively, send us an e-mail at AIGBankVFA@aig.com 24 hours a day and generally receive a response no later than the next business day.