notice to all commercial customers
In 2006, Congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA), which prohibits anyone in the business of betting or wagering (as defined by the act) from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks. The Department of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. Banks are required to comply with the Act beginning June 1, 2010.
The Department of Treasury and the Federal Reserve Board require all banks to notify our business customers of this regulation. In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, we are required to inform you that restricted transactions as described below are prohibited from being processed through any Quontic Bank account or relationship. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.
Please contact quontic bank regarding questions about this or other disclosures by emailing customerservice@quonticbank.com or by telephone at (718) 215-4000
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, money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
The FDIC Provides Separate Insurance Coverage for Deposits Held in Different Ownership Categories
The coverage limits shown below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart below shows the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. For more information about insurance coverage, visit https://www.fdic.gov/edie/index.html
or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday – Friday 8am - 8pm EST.