NOTICE - ANNUAL MEETING OF MEMBERS

Notice is hereby given that the Annual Meeting of Members (the “Annual Meeting”) of Security Federal Mutual Bancorp (the “MHC”) will be held at the office of Security Federal Savings Bank located at 314 Fourth Street on Wednesday, May 15, 2024, at 1:00 p.m. Eastern Time, and at any adjournment thereof. The record date for members eligible to participate in the Annual Meeting is March 31, 2024. The purpose of the Annual Meeting is to consider and vote upon the election of Mr. Jeff Baker, Mrs. Annette Russel, and Mr. Scot Ortman as directors and such other business as may properly come before the Annual Meeting or any adjournment thereof.

Sweep Services

Sweep

Life happens, and we want to help you avoid ever needing to pay a non-sufficient fund fee. If you establish Sweep between two accounts (or between one account and a Line of Credit), the Sweep will cover you from most overdrafts.

It's completely free to set up sweep between your accounts. All personal and business savings or checking accounts are eligible to be enrolled in sweep protection.

How does it work?

If your account that's enrolled in Sweep is negative at the end of the business day, our system will look at the “parent” account to see if there are funds in it to cover the negative balance. If there is, it “sweeps” the funds over to cover. There is a small fee when a sweep happens to cover your overdraft, but the beauty is this will allow you to avoid a more expensive non-sufficient fund fee.

One account would be the "parent" where the Sweep would pull from to cover the overdrafted amount. The parent can be savings to checking, checking to savings, checking to checking, savings to savings. Or, if you have a line of credit, you can set that to be your parent account, too.

Please note that if your account is negative and our system initiates a Sweep from your parent account, it looks for the full amount needed in your parent account. This means if your account is negative $25.00 and the sweep account only has $24.00, it won’t Sweep and a non-sufficient fee will be assessed.

If you'd like to learn more, click here:

Setting up Sweep