Basile Bank

Patriot Act

Important information about procedures for opening a new account

On September 11, 2001, our lives changed forever when our country was attacked. In an effort to protect you and our country, President Bush signed the USA Patriot Act into law on October 26, 2001.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account (checking, savings, certificates of deposit, loans, safekeeping services, trust services, etc.)

What this means for you:

When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
We may also ask to see your driver's license or other identifying documents.

In all cases, protection of our customers' identity and confidentiality is Basile State Bank's pledge to you.

Basile State Bank is participating in the FDIC's Transaction Account Guarantee Program.

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.