USA Patriot Act (CIP Notice)

In order to assist the U.S. government in its efforts to fight the funding of terrorism and money laundering activities, U.S. Federal law requires all financial institutions to obtain, verify, and record information that identifies persons and entities who open an account.

What this means for you:

• When you open an account, we will ask for the legal name of the entity, physical address, and other information that will allow us to identify you.
• We may also ask to see other identifying documents.

FDIC TRANSACTION ACCOUNT GUARANTEE PROGRAM

Pacific Alliance Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, 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.  NOW accounts and FlexChecking accounts do not qualify as a noninterest-bearing transaction account under the Transaction Account Guarantee Program at our bank.

For more information, please visit www.fdic.gov.

FDIC DEPOSIT INSURANCE COVERAGE

The Federal Deposit Insurance Coporpation (FDIC) is an independent agency of the United States government.  The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails.  FDIC insurance is backed by the full faith and credit of the United States government. 

FDIC insurance covers all types of deposits received at an insured bank, including deposits in checking, NOW, and savings accounts, money market deposit accounts and time deposits such as certificates of deposits (CDs).

We bring you good news. FDIC standard insurance amount is $250,000 per depositor on deposit accounts until December 31, 2013.  The $250,000 limit is permanent for IRAs and other certain retirement accounts.   Ask us for details.

To ensure funds are fully protected, depositors should understand their coverage limits.  The coverage limits show below to the total of all deposits that an accountholder has in the same ownership categories at each FDIC insured bank.