Important information about procedures for opening or changing an account with The Peoples Bank.
Section 326 of the USA PATRIOT ACT requires financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This Federal regulation applies to all new customers and current customers. This information is used to assist the U.S. government in the fight against the funding of terrorism and money-laundering activities.
When you open and account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, social security number, and other information that will allow us to identify them. We will also ask to see each persons driver’s license and other identifying documents and copy or record information from each of them.
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.
