* A transaction includes all checks/debits, deposits/credits and deposited items.
** A $.25 fee will be charged for any transaction over the limit specified in the account type.
*** A $15 maintenance fee will be charged if the $5,000.00 average balance is not maintained during the statement cycle.
**** Under Federal Regulation, transfers from a Regular Savings account to another account or to third parties by pre-authorized, automatic or telephone transfer are limited to six per month with no transfers by check, draft, debit card or similar order to third parties.
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 Department 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 BankTennessee, 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 BankTennessee representatives if you would like additional information on UIGEA or Regulation GG.
Important Information about Opening a Business Account
Effective May 11, 2018, new rules under the U.S. Patriot Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. This rule is extended to business accounts. Each time an account is opened for a business account, we are required to ask you for identifying information – name, address, date of birth, social security number/tax identification number – for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control. If you are opening an account on behalf of a business, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.