December 07, 2006
First Bank and Tongass Federal Credit Union signed authorizations with the Federal Reserve Bank of Minneapolis to be authorized alternate access points for each other if one of them should lose connection to the Federal Reserve Bank. The Federal Reserve through its 12 banks across the nation moves funds among financial institutions through data transmission and check processing.
This agreement assures local residents in southern Southeast Alaska added protection in getting direct deposits, government payments, and electronic debits handled timely in the event of a disaster, disruption, or equipment failure.
Neither institution will have access to the other's customer data. If operations are disrupted, the accommodating institution will make available the equipment necessary to be accessed with a special security device. The borrowing institution then can send and receive its unique files to a secured site for later processing.
"We want to thank First
Bank for initiating this action," said Susan Fisher, CEO
of Tongass Federal Credit Union. "It's one that just makes
good sense for our community and the people we serve."
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