top of page
Stock Exchange

COMMON ASKED QUESTIONS

COMMON QUESTIONS: FAQ

WHAT IS A CD BROKER?

Under the Federal Deposit Insurance Act 12 U.S.C. 1831f(g), a Deposit Broker is defined as any person or entity engaged in the business of placing deposits or facilitating the placement of deposits of third parties with FDIC insured depository institutions. (Federal Deposit Insurance Corporation)

WHAT FEES DOES FIRST FIDELITY CHARGE ME, AND HOW ARE YOU PAID?

First Fidelity Guarantee does not charge any administration or consulting fees for our services to our private clients. We are paid directly by the institution for helping them open new deposit accounts, so we will never take a fee from your deposit as 100% of your deposit will earn interest.

HOW SAFE AND SECURE IS A BANK CD THROUGH FIRST FIDELITY GUARANTEE?

First Fidelity Guarantee only utilizes federally insured and guaranteed Bank CD's. The security of a Bank CD purchased through First Fidelity Guarantee is the same as a CD purchased directly because your CD is ‘directly’ with a bank. We only use banking products from FDIC insured banks.

WHEN MAKING A DEPOSIT, WHO DO I MAKE THE CHECK PAYABLE TO?

Since your CD will be directly with a bank, you will make your check payable to the name of that institution you decide to deposit your money into. You will never write a check to First Fidelity Guarantee. We only handle the paperwork for the institutions we partner with.

WHAT BANKS DOES FIRST FIDELITY GUARANTEE PARTNER WITH?

FFG has many banking partners throughout the USA. We only work with Banks that are FDIC insured and willing to pay above average yields on deposits for our private clients.

WHY DO BANKS WORK WITH FIRST FIDELITY GUARANTEE? WHY DO BANKS NOT SELL THE HIGH YIELD CD PROMOTIONS DIRECTLY?

If a bank has a high demand for loans and wishes to increase incoming deposits, or they’re trying to expand their customer base, they’ll work with brokers. Brokers can afford higher rates because of the volume of deposits: the higher the volume, the higher the rates. Banks also save on overhead costs when they expand their customer base, so it’s less expensive for brokers to offer higher rates than to open new branches.

IS FIRST FIDELITY GUARANTEE FDIC INSURED?

No. First Fidelity Guarantee is not a bank. Your banking deposit will be made and held at a FDIC insured bank. Therefore, FFG is not required to be a FDIC insured member. We only accept checks payable to partner institutions we work with.

HOW DO I OPEN AN ACCOUNT THROUGH FIRST FIDELITY GUARANTEE?

Its really simple and easy! Step 1: Call and schedule a private client appointment. Step 2: Gather necessary bank required identification and documents (ID, Driver License, SS#, Living Trust, etc...) Step 3: Show up on time for appointment, and fill out paperwork (usually takes 15-20 mins)

AFTER MY BANK CD PURCHASE THROUGH FIRST FIDELITY GUARANTEE, WERE DO I GO FOR SERVICE?

Our team is always available for our private clients. If you need an update on your deposit you can contact us or the bank your CD is held at directly. You will be provided with all banking contact information and documentation at the point of sale.

WHAT IS MY PROOF OF DEPOSIT FOR MY BANK CD?

The day you open your account, First Fidelity Guarantee will give you a receipt and confirmation from the FDIC insured bank along with disclosures. Statements, interest reporting and maturity notices are mailed to you directly from the institution.

WHEN MY CD MATURES WHAT HAPPENS?

Just as with any other bank cd at maturity you will have a grace period to decide whether you want to renew the CD at the current rate or close your CD for principal and earned interest. Each institution we partner with varies in procedure but will be explained to you in detail on the day you open your account along with documentation.

Still can’t find what you are looking for? Simply reach out.

bottom of page