USA Patriot Act
On September 11, 2001 our lives changed forever. In an effort to protect you and our country, the USA Patriot Act was signed into law. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. We welcome your application when opening an account, whether you live in our service area or are moving to the area. When you come in to any of our locations to do so, we will ask for your name address, date of birth, and other information that will allow us to identify you. We proudly support all efforts to protect and maintain the security of our customers and our country.
Expiration of Temporary FDIC InsuranceNotice of Expiration of Temporary FDIC Insurance Coverage for 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 fdic.gov.
Regulation GG - Unlawful Internet Gambling Enforcement ACT (UIGEA) of 2006
The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful internet gambling. The Department of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act.
As defined in Regulation GG, unlawful internet gambling means to “place, receive or otherwise knowingly transmit a bet or wager by any means which involves us, at least in part, of the internet where such bet or wager is initiated, received or otherwise made.”
As a customer of Citizens State 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.