Direct Deposit & ACH Origination | Security Federal Savings Bank

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.

Direct Deposit and ACH Origination

Business owners, we bet you've heard the phrase, "time is money," and we'd like to help you save both.

ACH Origination and Collections

An ACH (Automated Clearing House) Origination allows you to create electronic payments and deposits by giving Security Federal permission to debit directly from your account. This helps you effectively manage your payables and receivables process in a convenient, secure way.

Benefits:

Give your customers a way to make recurring payments to your organization (ACH Collections)
Reduce administrative costs for your business
Improve cash flow and financial forecasting
Save time for you or your staff by automating the payment process

To be eligible for ACH, your business can apply for Cash Management through Security Federal. Please call, stop in, or send us a message if you have questions.

Direct Deposit

The most efficient way to pay your staff is by encouraging them to enroll in Direct Deposit, our fully-automated payment option. You'll no longer need to print or mail out paper checks!

When a staff member agrees to be paid via direct deposit and you set them up in Cash Management through Security Federal, neither you nor your staff member will need to visit the bank to transfer the money.

Benefits:

Saves you time and money by not having to print or mail out paper checks
Your staff members get paid faster by electronically depositing their check into a savings or checking account

How does it work?

To be eligible for Direct Deposit payments to your staff, your business can apply for Cash Management^* (CM) through Security Federal. Once enrolled, you'll upload your staff's info to get their Direct Deposit established. It generally takes 1-2 payment cycles before the first check is directly deposited into their account.