Legal

USA Patriot Act

Section 326 of the USA PATRIOT ACT requires all financial Institutions to obtain, verify and record information that identifies each person who opens an account or changes an existing account.  This Federal requirement applies to all new customers and current customers.  This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.

What this means to you:  When you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth and other information that will allow us to identify them.  We will ask to see each person’s driver’s license and other identifying documents and copy or record information from each of them.

Unlawful Internet Gambling Enforcement Act of 2006

Federal law, the Unlawful Internet Gambling Enforcement Act of 2006, and its implementing regulations, prohibit commercial customers from receiving deposits of any kind relating to illegal gambling.  Banks are required to comply with this Act beginning December 1, 2009

By maintaining an account with our bank, you agree to notify us if your account is ever used for Internet gambling of any kind, even if you believe this activity is legal.  If you do not, we may terminate your access to various payment methods or close your account.

New Overdraft Regulations

It has been West Town Savings Bank’s policy to deny West Town Savings Bank MasterCard® Check & ATM Card transactions that would result in an overdraft of funds. However, we now will allow you to use your West Town Savings Bank MasterCard® Check & ATM Card even if you do not have sufficient funds in your account if you have notified us that you select this overdraft protection service.

What happens if I authorize payment of overdrafts on my MasterCard® Check & ATM Card transactions? If you authorize us to pay these transactions, and you initiate a debit card or ATM transaction that could cause your account to reach a negative balance, we have your permission to pay that transaction and a fee may be charged.

Your authorization provides important protections. If you are running short of cash, or make a mistake in your account, your authorization gives us permission to cover that transaction so you can avoid the embarrassment of having your transaction declined at the grocery store or at your neighborhood restaurant. Your authorization does not guarantee that the bank will cover every transaction that may take your account negative. However, we will continue to honor these transactions whenever possible.

What happens if I do not authorize payment of overdrafts on my MasterCard® Check & ATM Card transactions? If you do not authorize us to pay overdrafts on your MasterCard ® Check & ATM Card, beginning August 15, 2010, we will not be able to pay an ATM or debit card transaction that causes your account to reach a negative balance. If there are insufficient funds in your account, the transaction will be declined. To complete the transaction, you will need another form of payment such as a check, cash, or credit card or you may cancel the transaction. Whether you authorize us to pay ATM and everyday debit card overdraft transactions or not, everything else about your account will remain the same.

To authorize us to pay these transactions, stop by any branch location and speak with a West Town Savings Bank Personal Banker to complete the authorization form.