FAQs

To open a SFGI Direct account, just click “Apply” on any of the product pages. Applications for SFGI Direct are currently paused. We look forward to continuing this service soon!

SFGI Direct is just a click or call away. You can manage your account anywhere you have an Internet connection using the tools within SFGI Direct. In addition to contacting us online, you can reach us by calling 1-855-571-5824.

Pre-authorized transfers arranged with Summit (i.e. to and from your External Account) are the only type of electronic funds transfers that are available to you in connection with the account.

When we refer to “external accounts”, we mean any account other than an account opened through SFGI Direct. In other words, an external account is the account you linked as part of your account application for funding.

You are limited to one external account that is linked at account opening.

SFGI Direct banking systems are protected with strong security technology. We maintain strict standards and procedures to help prevent unauthorized access to information, including 128-bit encryption. When you sign on to access your account, we will ask you for your User ID and password in addition to other pieces of information to authenticate your identity.

On May 3, 2024 (the “Effective Time”), Summit Community Bank, Inc. (“Summit Community Bank”), a West Virginia chartered commercial bank and wholly owned subsidiary of Summit Financial Group, Inc., merged into Burke & Herbert Bank & Trust Company (“Burke & Herbert Bank”), a Virginia chartered commercial bank and wholly owned subsidiary of Burke & Herbert Financial Services Corp, with Burke & Herbert Bank surviving the merger as the continuing bank (the “Bank Merger”).

At the Effective Time, Summit Community Bank ceased operations as a separately chartered commercial bank. Beginning at the Effective Time and until further notice, Burke & Herbert Bank will operate Summit Community Bank as a division of Burke & Herbert Bank under the trade name “Summit Community Bank, Inc., a division of Burke & Herbert Bank & Trust Company.” Burke & Herbert Bank will also operate Summit Community Bank’s online banking service division, SFGI Direct, under the tradename “SFGI Direct, a division of Burke & Herbert Bank & Trust Company.”

As a result of the Bank Merger and by operation of law, Burke & Herbert Bank became the successor in interest to all assets, liabilities, rights, duties, and obligations of Summit Community Bank, including, but not limited to, all such rights, duties, and obligations of Summit Community Bank under any consumer or commercial (i) deposit account agreement, (ii) credit card agreement, (iii) treasury or cash management agreement, (iv) loan agreement, line of credit agreement, or credit sale agreement, (v) promissory note, (vi) preauthorized payment agreement, (vii) trust or wealth management agreement, and (ix) any amendment, addendum, modification, service schedule, or supplement to the foregoing agreements (collectively, the “Summit Community Bank Agreements”). Unless otherwise disclosed in a writing provided by Burke & Herbert Bank, the material terms and conditions and the rights, duties and obligations of the parties to any Summit Community Bank Agreement (whether executed before or after the Effective Time), including due dates, payment dates, and the timing of notices and statements, will remain unchanged.

Furthermore, as a result of the Bank Merger, Burke & Herbert Bank and Summit Community Bank became a single depository institution at the Effective Time for purposes of deposit insurance coverage pursuant to the rules and regulations of the Federal Deposit Insurance Corporation (the “FDIC”). To provide a grace period for depositors, the FDIC permits separate insurance coverage for six months following the Effective Time of the Bank Merger. After that time, customers holding separate deposits accounts at Burke & Herbert Bank and Summit Community Bank will not be separately insured, but will have the funds in their separate deposit accounts be combined to determine whether the depositor has exceeded the $250,000 federal deposit insurance limit set by the FDIC.

If a customer has separate deposit accounts at both Burke & Herbert Bank and Summit Community Bank that, when combined on the six-month anniversary of the Effective Time, will exceed the federal deposit insurance limit, Burke & Herbert Bank strongly advises the customer to consult the merger section of the Bank’s website at  www.burkeandherbertbank.com, or contact a bank service representative at Burke & Herbert Bank at 703-684-1655, or visit the FDIC’s website at www.fdic.gov and select ‘Deposit Insurance’ for more information about deposit insurance coverage.

The “APY” or Annual Percentage Yield is the rate of return on an interest-bearing account for a one-year period based on the interest rate and frequency of compounding, as well as the assumption that funds, including interest paid, remain on deposit for a full year. The APY for an account pays a variable interest rate (i.e., an interest rate that may change after the account has opened) is a hypothetical rate that assumes that the interest rate will not change, although, in fact, it may change in accordance with the features and terms of the account. The current APY for a particular account is located on the specific product page.

For SFGI Direct savings accounts: interest is accrued daily and compounded or credited to the account the last day of the statement period, if the account is then open.

You can reset your forgotten password by going to the SFGI Direct Access sign on screen, entering your User ID and clicking the “Forgot Your Password” link on the Sign On Page. You can also call us at 1-855-571-5824 and ask for the password to be reset.

Call us at 1-877-776-9722 and we will help you reset your User ID.

Yes, there is a $500 -$25,000 deposit required to open an account with SFGI Direct.

At this time SFGI Direct does not offer Business accounts.

SFGI Direct does not currently offer IRAs.

An electronic funds transfer is a transfer between accounts that is made electronically. Electronic fund transfers are used to make your initial deposit to SFGI Direct and to make ongoing transfers to and from your External Account and SFGI Direct Savings account. Electronic funds transfers can also be used to add or withdrawal funds from a SFGI Direct deposit account.

Yes. During account opening you may designate up to four beneficiaries on the account. However, each beneficiary will be treated equally as no percentage of beneficiaries are allowed. For Joint accounts, funds will be transferred to the Joint owner. Only if the Primary and any Joint owners are no longer living will the funds transfer to the beneficiaries. Beneficiaries cannot be added to current accounts. In order to add a beneficiary to an account, a new account will need to be opened.

It is a high-yield savings account you manage online to make the most of your savings. There are no monthly fees, no balance minimums to avoid fees, and you can access your money anytime. There is a balance minimum to open and a $1 balance minimum to earn interest. You can link your Online Savings Account to your external account at account opening.

You will be asked for your U.S. Social Security number and a valid form of identification including: Driver’s license, State ID, Military ID or Passport. You will also need to provide personal information, including your name, social security number, date of birth, physical address, telephone number, former mailing address(es), and employment information. If you are not a U.S. Citizen or U.S. Resident Alien and do not have this information, we will be unable to enroll you online.

Your application is processed subject to our ability to verify your identity.

We collect your email address during account opening so that we can send you confirmations and notifications regarding your SFGI Direct Account.

Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

Transfers from external accounts sometimes take several days to process. If you do not see a credit for a deposit in your account after 3 business days, please contact SFGI Direct Customer Service through sending a secure messaging on the internet banking site or by calling 1-855-571-5824.

If you choose a joint account, it will be owned by you and a co-applicant with rights of survivorship. For more information on joint accounts, please see the section of Deposit Account Agreement titled “Joint Accounts with Rights of Survivorship.”

You will need the same information that is required when opening an individual account – but you will need it for both applicants. For details, see “What do I need to open an account with SFGI Direct?” above. Please note that each applicant will need to agree to all account disclosures, terms and agreements found within the application process.

Please contact SFGI Direct Customer Service at 1-855-571-5824 for more information concerning the status of a declined application.

You have the option to edit your account information prior to submitting the information to SFGI Direct. Simply click on the “Edit” button above the grouping of information you would like to change, and you will be permitted to change your input.

Check with your employer or other paying institution (e.g., Social Security, Insurance Annuity firm) to see if they allow direct deposits and how to set them up. The institution providing your regular payments will need both your account number and our routing number.

Electronic transfers between SFGI Direct and other banks are FREE and generally take 2 banking business days. Add an extra day for Federal holidays.

Like most banks, when we electronically transfer money with another bank, the money goes through a secure network called the Automated Clearing House (ACH) system. Basically, we pull our transfer requests together each day and send them off to the ACH. That system then pulls together all the daily files they receive from thousands of banks and routes the transfer to the appropriate receiving bank account and then the transfer occurs.

No. At the present time you can only fund your account by electronic fund transfer from another account with us or another bank.

No. At the present time we cannot accept wire transfers.

Within SFGI Direct access you establish the required External Account at account opening to fund or transfer funds to and from your External Account and SFGI Direct Savings account. The External Account must be a U.S. transaction account, i.e., a personal checking account at a bank branch in the United States.

No. There is no maximum dollar limit of any single External Transfer to or from any SFGI Direct Savings account. However, there is a limit to your total initial deposit of $25,000. There is no limit on the amount of money you can keep in your SFGI Direct Savings account. There is a limit of 6 debits per month with this account.

No. At this time SFGI Direct does not allow checks to be written on Savings accounts.

Please refer to our SFGI Direct Website (www.sfgidirect.com) for current rates and yields.

You can see all your current transactions and balance information at any time. To view past statements, just click on the Transactions tab and then on the E-Statements link. You will be able to view and print up to 24 months of statements. All statements are issued monthly.

Yes. The account will be considered to be dormant after 7 years of inactivity. A fee of $5.00 per month will be imposed until the account is made active or the account is closed.

Yes. Paper statements are $5.00 per statement plus applicable research fees. If the account is closed and additional statements must be sent, fees must be paid in advance before items will be processed. Payments can be sent to SFGI Direct Research Fee, 300 North Main Street, Moorefield, WV 26836

Yes. There is a $25.00 per hour research fee incurred with a minimum charge of 1 hour.

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