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By operation of federal law, beginning January 1, 2013 funds deposited in a non interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all non interest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. 

For more information about FDIC insurance coverage of non interest-bearing transaction accounts, visit the FDIC website.


A new Federal law affects how overdraft services are provided for your account.

An overdraft service is when a financial institution pays a transaction even though an account owner may not have sufficient funds available in the account to cover the transaction. A fee is charged for this service. Financial institutions provide this service–automatically. You do not have to apply to use this overdraft service.

Payment of transactions is discretionary. The institution may pay the transaction or it may decline it. If the institution pays the transaction, the account owner is obligated to promptly bring the account to a positive balance.

Under the Federal law, financial institutions cannot provide overdraft services for ATM transactions or every day debit card transactions unless their customers have told them to do so.

This law applies to accounts opened on or after July 1, 2010. For accounts opened before July 1, 2010, this law takes effect August 15, 2010.

What is an everyday debit card transaction?

Generally, an everyday debit transaction is when you use your debit card or card number to make a purchase at a gas station, store, restaurant, or other merchant, or by phone, or the Internet. Using your debit card to authorize automatic payment of a recurring bill, such as a utility bill, is not considered an everyday debit card transaction.

Does this affect me even if I keep enough money in my account to cover my transactions?

It might. To understand how, you should know about debit holds. You may have experienced a debit hold without even knowing it. For instance, if you use your debit card at a gas station, the transaction will be authorized before you can start the pump. At the time of the authorization it is not known how much gas you will buy. So the gas station will obtain authorization for a selected amount, such as $50, and a debit hold will be placed on your account for that amount. Depending on the technology used, that debit amount may remain on your account for an extended period of time, even if your purchase was for a lesser amount. Because of this you may have more (or less) money in your account than the records show and we may have to deny a transaction even though you may have sufficient money in your account.


The tragedies of September 11, 2001 resulted in federal legislation designed to help America fight terrorism, money laundering, and identity theft. An acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism,” section 326 of the USA PATRIOT Act applies to all financial institutions.

At a minimum, the Act requires financial institutions to implement reasonable procedures for (1) verifying the identity of any person seeking to open an account; (2) maintaining records of the information used to verify the person’s identity; and (3) determining whether the person appears on any lists of known or suspected terrorists. You can help by providing us with the information we’re required to gather.

Effective October 1, 2003, persons wishing to establish a new account must complete a new account application and furnish the bank with, at a minimum, the following information and documents: 

  • Full legal name
  • Any names used as an alias
  • Mailing address
  • Physical address if mailing address is a post office box
  • Driver’s license or other government issued photo i.d.
  • Tax identification number
  • Date of birth

The following alternative documents may be submitted in the case of non-resident persons:

  • Passport
  • INS card

Please be patient as we work together to comply with this legislation. TOGETHER, we can help protect your identity and America’s security.


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 Department of the 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 means 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 or wager is unlawful under any 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 First Federal Savings Bank of Angola, 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 Customer Service Representatives if you would like additional information on UIGEA or Regulation GG.


A Public Service Announcement has been issued by the Internet Crime Complaint Center (IC3), which is a joint partnership between the FBI and the National White Collar Crime Center (NW3C). 

IC3's website provides a vehicle for consumer's to file Internet crime complaints. Complaint information will be combined with other related subject information and referred to federal, state, and local law enforcement for the initiation or enhancement of investigations.

Visit the Federal Reserve Bank Services website for exact instructions and details on fraud scenarios.