Standard Bank guarantees direct deposit

May 03, 2008 05:31 pm

— Standard Bank recently launched a program to guarantee that customer’s direct deposit funds will be available on the prescribed day — no matter what.
The guarantee will apply to customers with reoccurring Social Security or SSI direct monthly deposits. The objective of the program is to eliminate any anxiety or concern about whether the payments will be processed on time. If the government payments are delayed for any reason, Standard will deposit the funds into customer accounts.
The program is an addition to the bank’s partnership with Go Direct — a campaign sponsored by the U.S. Department of the Treasury and the Federal Reserve Banks to inform people who receive federal benefits about the advantages of direct deposit and help them sign up for it.
Established in 1913, Standard is a Pennsylvania chartered savings bank with assets of $340 million. Standard operates 10 offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford counties in Pennsylvania and Allegany County in Maryland.
Standard is a wholly owned subsidiary of Standard Mutual Holding Co., which has not issued any stock. There is no common stock traded on any exchange.