Freedom Bank received notification that a large credit card processing center that services several businesses in the Flathead Valley was compromised sometime in November 2013. As a result, persons that used their debit or credit cards at these businesses may be exposed to fraudulent activity. In cooperation with law enforcement and other financial institutions in the Flathead Valley, Freedom Bank immediately initiated a debit card shutdown for those cards that may have been exposed to the security breach. This had to be done immediately in order to protect everyone that was exposed.
Please understand that this breach had nothing to do with the bank’s security systems and has impacted every bank in the Flathead Valley and thousands of individuals. Our staff has been working diligently trying to notify our customers, but due to the high volume of cards shut down, we did not have enough staff, or time, to call everyone before the cards were shut down. Shutting the cards down protected both our customers and Freedom Bank. We apologize for any inconvenience. New cards have been ordered and customers should be receiving them within 7-10 business days. Thank you for your understanding.
Please call us at (406) 892-1776 if you have any questions.
By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest 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 non-interest 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 non-interest bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
You might find yourself wondering just how much of your money is covered by the FDIC since the expiration of the temporary FDIC insurance coverage. The FDIC recently rolled out their Electronic Deposit Insurance Estimator (EDIE), you can find this useful tool at www.fdic.gov/edie/index.html. If you discover that your assets are not fully covered or you would like to more effeciently organize your assets please give Freedom Bank a call at (406)892-1776 and one of our personal bankers will be happy to assist you in your financial planning.
If you cannot find your Freedom Bank debit card or think that your debit card information may be compromised immediately contact Freedom Bank at (406) 892-1776 during our normal business hours to speak to a service representative. If you need to report your card outside of business hours please call (800) 472-3272 to have your card disabled and ensure that no unauthorized transactions take place. Failure to report your card lost or stolen in timely manner can result in a loss of funds.
Identity and data theft is a growing cause for concern for the Flathead Valley. For information on how you can protect yourself we recommend that you visit the FDIC website dedicated to educating consumers on how to keep yourself from becoming a victim.