Consumer Alerts

Consumer Alerts

Attention First Independence Bank Customers

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-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 noninterest-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 noninterest-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.

FDIC Consumer Education

The FDIC offers an on-line tool to help educate consumers how to better protect their computers and themselves from identity theft, and steps to take if they have been victimized. The presentation: Don’t Be an On-Line Victim: How to Guard Against Internet Thieves and Electronic Scams is on the FDIC’s website.