Attention First Independence Bank Customers
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
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.
