What does the Markesan State Bank do with your personal information?
USA Patriot Act
The USA Patriot Act was passed by congress after the September 11, 2001, terrorist attacks on our country. The intent was to identify illegal aliens and determine if an individual is a known terrorist or appears to be affiliated with any terrorist organizations.
The creation of this act requires the U.S. Treasury Department to adopt regulations that require and establish minimum standards for a financial institutions Customer Identification Program (CIP), which would identify and verify any persons who apply to open an account. The Act is very broad and encompasses a variety of entities which includes not only banks, but also thrifts, credit unions, brokers, dealers in securities and commodities, insurance companies, travel agents, pawn brokers, precious metal dealers, check cashers, casinos, telegraph companies along with many others.
To view an electronic copy of the US Patriot Act brochure, please CLICK HERE.
Funds Availability Policy
The Funds Availability Policy goes over information on your ability to withdraw funds.
Markesan State Bank Policy
The Markesan State Bank will comply with regulations and be vigilant in collecting information when opening new accounts by potential customers and potential employees. Potential employees will also be required to complete a U.S. Department of Justice Immigration and Naturalization Service I-9 Form. This form helps establish identity of future employees by Markesan State Bank. A Customer Identification Program (CIP) will be used to identify and verify any persons who apply to open a depository or loan account at our financial institution for personal or business use. An application will need to be completed by the individual or business, prior to opening an account or applying for employment.
Information requested will consist of the following:
- Personal Name
- Address (Mailing & Physical)
- Telephone Numbers:
- Individual’s birth date
- Identification numbers (i.e., social security #, passport#, alien ID card#)
- Driver’s license # (w/picture & w/date (no expired dates))
- Employer and Address
- Individuals signature and release authorization
- Business: Name of Account
- Legal status (sole proprietorship, partnership, corporation, association)
- Tax ID#
- Authorized personnel, as stated on Depository Declaration
- Signatures of authorized personnel and release authorization
This information should be verified by bank staff and retained. Any discrepancies should be brought to the attention of the Patriot Act Compliance Officer, which is also the Bank Secrecy Act Officer and Anti-Money Laundering Officer. These policies are to compliment and assist one another and are not intended to replace any existing policies.
The Bank Secrecy Act Officer will be responsible to train bank staff periodically and report to the Board of Directors annually. Any suspicious activity regarding opened accounts or denied accounts should have a Suspicious Activity Report completed and filed with the U.S. Treasury Department.
The Markesan State Bank will publicly post in the lobby of our offices and on our web site, the CIP procedures. All potential customers are to be alerted that we will be requesting information to verify their identity when opening accounts.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-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 noninterest-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.