On April 19, 2010, the FDIC published an interim rule extending the Transaction Account Guarantee Program through December 31, 2010.
Federal law requires that each depository institution that offers noninterest-bearing transaction accounts is required to post a prominent notice in the lobby of its main office and in each domestic branch clearly indicating whether the institution is participating in the TAG program.
Under the Interim Rule, institutions will be required to review and amend as necessary their previous disclosures on or before May 20, 2010.
Keystone offers the following easel backed notices to help you comply with the display requirement. Each Lobby Notice features the sample text that was published in the April 19, 2010 issue of the Federal Register.
(To be displayed by institutions that previously elected to participate in the TAG Program and are CONTINUING to participate.)
The Interim Rule requires institutions that choose to remain in the TAG program to update their disclosures to reference December 31, 2010, as the termination date for this extension of the TAG program.
(To be displayed by institutions that previously elected to participate in the TAG Program but are NO LONGER participating as of July 1, 2010.)
Participating Institutions that opt out of the extended TAG program are required to update their disclosures to inform customers and depositors that, beginning on July 1, 2010, they will no longer participate in the TAG program and the deposits in noninterest-bearing transaction accounts will no longer be guaranteed in full by the FDIC.
(To be displayed by institutions who previously elected NOT to participate in the TAG Program.)
Federal regulators have issued a final model Privacy Form designed to help consumers more easily understand how financial institutions collect and share their information. If your institution is not required to provide an opt-out, you may use this form to obtain a "safe harbor" and satisfy your disclosure requirements for privacy notices.
The final rule also provides that the previous sample clauses that were included in the rules will no longer offer "safe harbor" protection after December 31, 2010.
Our CF-1001 & CF-1002 Privacy Disclosures are available in Blue & Black, Green & Black or Burgundy & Black to allow you to reinforce the brand of your institution. Additionally, you are permitted to include your logo if you choose.
Click to learn how to order your customized Privacy Policy forms today.
of updating your Funds Availability Policy.
The elimination of nonlocal checks may reduce the length of time your institution is permitted to delay the availability of funds deposited by check from:
• 5 days to 2 days for checks that were previously considered "nonlocal" and held to statutory limits on a case by case basis.
• 11 days to 7 days for checks that were previously considered "nonlocal" and delayed according to the exceptions in Section 229.13 of Regulation CC.
Federal regulations require institutions to notify their customers within 30 days of a change that positively affects them. This notification can be accomplished with a statement insert and does not require a full redisclosure of your Funds Availability Policy.
Choose from the following notices according to your disclosure needs:
C-3 (Next-day availability case-by-case holds & Sec. 229.13 exceptions.)
C-4 (Holds to statutory limits on all deposit. Includes chart.)
C-5 (Holds to statutory limits on all deposits.)
C-2 (Next-day availability & Sec. 229.13 exceptions.)
Choose from the following 4" x 6" small easel-backed teller station counter cards according to your disclosure needs:
(Follows model C-18)
SCC-96-242: All banks EXCEPT next day availability banks.
(Follows model C-17)
(Follows model C-18)
SCC-97-245: All credit unions EXCEPT next day availability banks.
(Follows model C-17)
Unlawful Internet Gambling Enforcement Act of 2006.
Click the image to view this product.
Click to view the insert.
Click to visit us on Facebook.
brings a rule change to RMDs.
Click to find out more about our brochure.