Attention First Independence Bank Customers
Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Non-Interest-Bearing Transaction Accounts
By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all non-interest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of non-interest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
The UIGEA is a law that prohibits any person engaged in the business of betting or wagering (as defined by the act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Department of the Treasury, and the Federal Reserve Board have issued a joint final rule known as Regulation GG, to implement this Act. As defined in the regulation, unlawful Internet gambling means to “place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such a bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received, or otherwise made”. As a customer of First Independence Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so.