USA Patriot Act
Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you: when you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see each person's driver license and other identifying documents and copy or record information from each of them.
FDIC Insurance Coverage
By Federal Law, as of January 1, 2013, funds in a non-interest bearing transaction account (including an IOLTA / IOLA) will no longer receive unlimited deposit insurance coverage. However, the funds will be FDIC-insured to the legal maximum of $250,000 for each ownership category. For more information feel free to visit https://www.fdic.gov/deposit/.