To be eligible to maintain an account at a Federal Reserve Bank, an organization must be a U.S. based federal or state chartered depository institution as defined in Section 19(b) of the Federal Reserve Act or a U.S. branch or agency of a foreign bank which is deemed by the Federal Reserve to be subject to comprehensive supervision or regulation in its home country.
Payment orders received before 3:30PM AST will be processed the day of the order. Orders received at 3:30PM AST or later will be processed the following day.
Payment orders are only processed on days the Bank is open.
Contact your customer service representative to discuss expedited payments.
We apologize, but under U.S. regulations and legal guidelines, we cannot share with you the reason for the rejection nor provide you with further information about our risk & compliance committee’s decision. Our decision is final.
Once all documents have been provided, the Onboarding Department usually reviews the application within one business week. (All corporate and identification documents, which may cause a delay to your application if you do not have these readily available, are required.)
Official translations must be notarized. Stern can accept documents in English and Spanish without notarized translations. Documents in other language will usually require official notarized translations. Stern Bank usually does not require apostilled documents.
As a U.S. bank, Stern Bank is subject to restrictions put in place by the U.S. Department of Treasury, as well as certain countries restricted by the Bank’s Compliance Policies.
Yes, through the online account customers can view balances and transfer money between bank accounts, set up account alerts, and access online statements over a secure platform.