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ALERT
Please be advised that the ATMs at our Georgetown branch, located at 2142 Ralph Avenue in Brooklyn, will be temporarily unavailable due to a planned electrical shutdown from 5pm – 2am on the upcoming days:

*July 1st - > July 3rd 
 *July 5th

During these times, please visit one of our other local ATMs or use our Digital Banking platform. We apologize for any inconvenience this may cause.

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    Individual Retirement Account (IRA)

    Individual Retirement Account (IRA)

    A type of savings account designed to help individuals save for retirement.

    More Details

    An individual retirement account (IRA) is a type of investment account that is designed to help people save for retirement. There are several different types of IRAs, including traditional IRAs, Roth IRAs, and SEP IRAs (Simplified Employee Pension).

    Example

    You might decide to open a traditional IRA and contribute $500 per month to the account. The money you contribute to the account will be invested in the financial products you choose (such as stocks, bonds, mutual funds, etc.), and you hope to earn a return on your investment over time.

    Related Terms

    Canceled Check

    A physical check that has been paid by the bank and cannot be used again. It may be returned to the payer with their bank statement.

    Learn More

    Trust

    A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.

    Learn More

    Social Security

    A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.

    Learn More

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