Layton State Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest- 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.

However, if you have your funds transferred out of any non-interest-bearing transaction accounts (through pre-authorized transfers, sweeps, online transfers, etc) into an account that is not guaranteed under the Transaction Account Guarantee Program, for example, an interest bearing account, then the swept, transferred or reclassified funds will NOT be guaranteed under this program.

Negotiable Orders of Withdrawal (NOW) Accounts earning less than .50% interest rate and Interest on Lawyers Trust Accounts (IOLTA) are considered non-interest-bearing transaction accounts for the purpose of this program. Negotiable Orders of Withdrawal (NOW) Accounts earning more than .50% interest rate are NOT eligible for this guarantee.

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 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 Layton State Bank, 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.