A Waterman Christmas Club is a short-term savings account that earns interest and encourages you to save for the holiday season.

Yes, this Christmas Club account is FDIC-insured up to the allowable limits.

• Submit a wire transfer
• Request a telephone transfer
• Use online banking to move money between Waterman Bank accounts
• Transfer money between external accounts using Bill Pay

Christmas club account funds are held till mid-October each year right before the holiday season. After which a check is issued for full balance amount.

There are several ways to make a deposit:

• Transfer money online between Waterman Bank accounts
• Deposit a check with Waterman Bank Mobile app with mobile deposit
• Sign up for direct deposit with your employer or for your Social Security deposits
• Wire transfer
• Send us a check by U.S. mail (Please don’t send cash)
• Transfer money between external accounts using Bill Pay
• Make an in-person cash or check deposit a Waterman branch

Yes. You can assign individuals as Payable on Death beneficiaries, which means while you’re alive the beneficiaries won’t have access to anything in the account. There are certain situations where beneficiaries are handled differently, like when dealing with a Joint with Survivorship accounts or Trust accounts when the Trustee is controlling the funds for another party. Assigning beneficiaries can give you peace of mind and can result in increased FDIC coverage for your accounts up to the legal allowable limits. For additional questions or concerns, contact us at 815-264-3201 or info@watermanbank.com.