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Agreement assures added financial protection


December 07, 2006
Thursday PM

Ketchikan, Alaska - Two Ketchikan-based financial institutions formally have agreed to back each other up in the event either one is prevented from getting normal electronic data necessary for basic financial services.

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."


Source of News:

First Bank

Tongass Federal Credit Union


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Ketchikan, Alaska