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 Northern Star 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.
Please stop in the bank if you would like additional information on UIGEA or Regulation GG.
Small Business Checking provides you with access to all of the available funds in your account all of the time. You are not required to maintain a minimum balance. There are no monthly service fees, deposit fees or check writing fees when you have less than 200 checks/debits per month and or deposit less than 100 items. If you exceed these activity levels you will be charged 20 cents per additional item.
Corporate Checking permits you to have up to 300 checks/debits and deposit up to 200 items per month for one low monthly service fee of $20.00. If you exceed these activity levels your account will be assessed 10 cents per item. Account fees are reduced or eliminated with an earnings credit based upon daily average collected monthly balances.
Corporate Checking Plus a sweep account is designed to optimize the use of surplus funds from a business checking account by linking it to our money market account. At the end of each day, surplus funds are swept from your checking account into a high yielding money market account. When you need them in checking, they are swept back into the checking account automatically. Based on the account activity, a target balance is required to cover the cost incurred for the maintenance and service expenses associated with the checking account. The Corporate Checking plus account is reviewed quarterly to determine an appropriate target balance. If the targeted balance is not maintained during the statement cycle, a $10.00 fee will be assessed.
The interest rate paid on your account will vary according to the balance.
A service fee of $6.00 per month will apply if the account balance falls below $25.00 anytime during the month.
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