Important Customer Alerts
Special Alert: Important Information
We have been notified in recent days of security breaches in multiple merchant networks. As a result, debit cards across the country were potentially compromised.
For the security of our customers, we have closed all VISA debit cards that have been identified as potentially being compromised. If yours is one of those cards, we will notify you by calling you at the telephone number we have on file for you. If we cannot reach you by phone, we will send a letter in the mail. New cards have been ordered for all our affected customers, and should be received within 7-10 days.
As a valued customer of First State Bank, we also want you to know that:
- First State Bank was not “hacked” into. Our bank financial systems are protected by multiple firewalls and by state-of-the-art security technology and procedures.
- We were not the only bank whose debit cards were potentially compromised.
- This unfortunate situation was beyond our control because of the way debit card transactions are processed by all retailers and banks.
- Our first priority has been, and will continue to be, to protect our customer’s identity and financial information.
We understand and acknowledge that someof our debit card customers may be inconvenienced and embarrassed by their debit card transaction being denied. Please accept our sincere apology if this has happened to you. However, please understand that we felt an obligation to our customers to stop any potential fraudulent activity as soon as we learned of it. We recommend that all our affected customers closely monitor their account activity for the next few weeks and immediately report any fraudulent debit card transactions to us.
If you have any further questions or concerns, call 434.792.0198 or come to our office located at 201 North Union Street, Danville, Virginia.
FDIC Insurance Coverage
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.
For more information about FDIC insurance coverage of noninterest bearing transaction accounts, click here.
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