Customer Alerts
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 Dept 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 meant to “place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the internet where such bet of wager is unlawful under and applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received, or otherwise made.”
As a customer of Community Bank & Trust, 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.
Please see one of our Operations specialists if you would like additional information on UIGEA or Regulation GG.
The following tips can help you manage your account wisely to avoid overdraft situations.
Keep an eye on your account balance prior to writing a check or using your debit card. Prevention is your best medicine.
- Review your transactions on an ongoing basis.
- Use services, such as online banking, your bank may provide to help you keep up-to-date with your balance.
- Remember to record and deduct checks, automatic recurring payments and debit card transactions and to add any deposits that have not yet been posted to your account.
- Do not use your debit card like you use your credit card. Your debit card is like an electronic check and the funds are automatically deducted from your account.
Ask your bank about all of its overdraft services. Community banks generally offer three types of overdraft services: overdraft lines of credit, transfers or sweeps from a savings account or another checking account, and overdraft coverage.
- Overdraft lines of credit charge interest but provide a safety net. They may also have a transaction and/or annual fee. If needed, disbursements can be repaid over a period of time.
- Transfer or sweep arrangements allow customers to cover overdrafts using their own funds for a small transaction fee.
- Many times a bank will choose to pay an overdraft for a fee to avoid consumers having the inconvenience of returned transactions – embarrassment, fees and hassles from merchants.
Talk to us about the best choice(s) for you.
The FDIC Issues Tips to Help Consumers Manage Their Money in Good Times and Bad
Timely Strategies in a Difficult Economy
FOR IMMEDIATE RELEASE
March 11, 2009
Media Contact:
Jay Rosenstein (202) 898-7303
The Federal Deposit Insurance Corporation today issued tips to help consumers spend less, save more, protect against fraud and borrow wisely at any time, but especially during a difficult economy. The advice was published as a special edition of the FDIC Consumer News (the Winter 2008/2009 issue) entitled "Managing Your Money in Good Times and Bad."
The new publication can be read or printed at www.fdic.gov/consumers/consumer/news/cnwin0809. To order up to two free paper copies, consumers can use the online form on that same Web page or call the Federal Citizen Information Center toll-free at 1-888-8-PUEBLO (1-888-878-3256) weekdays from 8:00 a.m. to 8:00 p.m. Eastern Time and ask for Department 92.
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
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Summary: |
On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 on December 31, 2009. |
Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2008/fil08102.html
Community Bank & Trust is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
For the purposes of the Transaction Account Guarantee Program the definition of noninterest-bearing transaction accounts includes Interest on Lawyers Trust Accounts and low-interest NOW accounts*
*defined as NOW accounts with interest rates no higher than 0.50 percent
PHISHING ALERT
Please do not open or respond to any emails that relates or claims to come from CommunityBank.net. Community Bank & Trust never requests your personal account information or any specific personal identification information such as your ID or PIN, social security number, home address or phone number over the internet or via email.Please call Community Bank & Trust if you have any questions or receive emails asking for your personal ID or PIN.
We will never call asking for personal information
Tips to avoid check cashing scams
Opt Out of information sharing by Credit Bureaus
The four major credit bureaus release your credit information, mailing information and telephone numbers to anyone who requests it. This “junk mail” can be dangerous and provide opportunity to Identity Thieves if not disposed of properly by shredding.
If you would like to opt out of this mailing list and receive less unsolicited offers for credit and insurance via mail, you may do so by calling toll-free 1 (888) 567-8688. This is an automated system which requires you to provide certain pieces of personal information in order to verify your identity and then allows you to “opt out” of these mailing lists for a period of 5 years.
Canadian Lottery / Advance Fee Scams
Criminals are always finding new ways to scam victims out of their savings. In the most recent version of a popular lottery scam, people are being asked to respond to an un-requested mailing or phone call telling them that they are the winners of a large, cash prize.
- Victims receive a phone call or letter from Canada congratulating them on winning the "big prize" in a National Lottery.
- One version of this scam mails a very real-looking counterfeit check to the "winner" along with a letter of instructions which lists a toll-free telephone number to call.
- They are told that before they can claim the prize, they must send money to pay for taxes and processing fees. Usually by wire transfer of funds. (NOTE: It is not possible to stop payment on, or recall a wire transfer once it has been sent)
- The caller is told that once the wire transfer has been sent, they may deposit the check in their account at any bank.
- The check is worthless and will be returned within 2 weeks - leaving the depositor with nothing in return for the "Fees" which they paid in advance.
- Victims of lottery scams have lost thousands of dollars as they continue to respond to phone calls and letters of this type which require advance payments to cover costs in order to receive their prize.
- The fact is, the prize does not exist and victims never receive any winnings.
- There are so many types of lottery scams which involve innocent people sending in money up front, that law enforcement cannot follow up on every call reported
- If you receive a telephone call from a direct marketer who promises instant lottery prizes, hang up!
No legitimate lotteries operate this way. People who approach you with stories like this are criminals. They simply want your money and credit card numbers. They will lie to you and sound convincing. The letters they send look and sound professional. The checks look real but are not good.
Do not fall victim to lottery scams. Protect yourself and your money. Remember, if it sounds too good to be true, it probably is!
What is Phishing?
Identity theft over the Internet is on the rise and "Phishing" is one form of fraud that attempts to obtain personal information through the use of emails, websites, and popups. This type of fraud occurs when someone receives an email that is sent as though the email of a legitimate company. The email will request sensitive personal information by telling the user to either supply the information in a popup window or by clicking on a web link that sends the user to a counterfeit web site. Once the information is obtained the data may be unlawfully used against you to create transactions on your existing accounts.
How can I identify these fraudulent emails?
Keep in mind that Community Bank and Trust WILL NOT send emails asking for customer information. Any such emails should be reported to Bobbie.Kocurek@cbtcc.com immediately as a fraudulent email.
Fraudulent emails will ask you for your confidential information. These emails will appear as though your account information has expired and will ask you to update your account with current information as soon as possible. Some examples of this information may include user names, passwords, account numbers, credit card numbers, addresses, social security numbers, and phone numbers.
Fraudulent emails may appear to be from a genuine source. Many "Phishing" emails are constructed as though the email appears to be from a legitimate email address. The email may contain actual company logos and be very professionally worded. The sender of the email can also easily manipulate the address of the email to make it look as though it is from a trusted source.
Fraudulent emails will also link to bogus Web sites. Once a web link is clicked in the counterfeit email a phony website may be displayed that appears to be official. The website will then proceed to prompt you for your confidential information. Always go to our website by typing it in instead of linking from any email!
Fraudulent email may also contain bogus phone numbers. Fake Phone numbers may be used to make the email or website appear as though it is legitimate. The email or website could also contain actual phone numbers of the company. The thought is that if the email contains a company phone number then the email must be legitimate. Look up the phone number in a phone book and call to verify the email.
What should I do if I find one of these emails?
Do not click on any of the links in the email. If you find an email that you believe to be fraudulent either call our Operations department at (615)792-3119 or email Bobbie.Kocurek@cbtcc.com to report it.
FDIC Responds to ABA's Request to Combat Irresponsible Banking Stories [9/16/2008]
In related news, FDIC yesterday responded quickly to ABA's request to offer perspective on the banking industry's health to combat several recent irresponsible stories. One of those stories was an over-the-top interview CNBC.com conducted with New York-based leverage buyout specialist Wilbur Ross, who said he sees possibly "as many as a thousand bank closures in the coming months."
To counter misinformed "analysts" such as Ross, FDIC sent reporters who cover financial market issues a statement by agency Chairman Sheila Bair. "FDIC-insured institutions have entered this economic downturn from a position of strength. The latest figures indicate that more than 98 percent of the banking industry is well capitalized, which is the government's highest capital category. These banks hold more than 99 percent of the industry's assets," Bair said in the statement.
"While the FDIC does not comment on specific open and operating institutions," she added, "we are closely monitoring the situation and have taken steps to mitigate any impact on insured institutions that may be directly affected by the Lehman Brothers bankruptcy filing."
FDIC also told ABA that the agency is launching a series of public service announcements -- featuring Bair and personal finance expert Suze Orman -- to reiterate to the public that customers' bank funds are protected by FDIC insurance.
