Comments on: Small Florida Bank Tops 1-Year CD Rates

By: DealMaven

DealMaven — Mon, 02 Nov 2009 14:51:08 +0000

As of Monday, Nov. 2 Southern Commerce Bank lowered its CD rates and is no longer accepting applications outside of its banking area — not even through the mail.

By: Greg Scanlon

Greg Scanlon — Thu, 29 Oct 2009 15:37:03 +0000

I opened an account with Corus Bank in Chicago, with a rate of 4% and a maturity in early 2010. When it was taken over by the FDIC, the new bank was given an FDIC option of what CDs they would keep. They only kept Illinois bank accounts. I live in CA. This is a new policy for FDIC, so watch placing money in tenuous banks.

By: DealMaven

DealMaven — Wed, 28 Oct 2009 20:52:07 +0000

We read on the application that "you must visit a Southern Commerce banking center to verify your identity and sign account documentation" and we figured it was for "Locals only," but the rates were so good we decided double check. We were repeatedly reassured that applications would be accepted from all 50 states, but as it turns out, not all of Southern Commerce Bank locations accept out-of-state applications for CDs. The best way to apply is to send a letter of request to: Southern Commerce Bank, 1201 9th Avenue West, Bradenton, Fla. 34205, (941) 745-1627. Use the online application as a guide for the information you should include: Name, address, a copy of your driver's license, Social Security number, whether it’s a joint or single account, the term of the CD you are applying for and the amount you wish to invest. Have the letter notarized and include a check to fund your CD.

By: Hammond

Hammond — Wed, 28 Oct 2009 20:16:29 +0000

Must open account at a branch.
Unable to open via website.