Disclosure Statement for AmeriTrust
Third-Party Service Providers: In order to effect, administer, or enforce a transaction requested or authorized by you, the customer, we may share your personal information with third-party service providers. We do not disclose any nonpublic personal information about you to unaffiliated third parties for them to rent, sell, trade, or for their independent use.
Employee Access to Information: All employees must adhere to ATC’s policy on confidentiality. Employee access to customer information is authorized for business purposes only, and the degree of access is based on the sensitivity of the information and the employee’s need to know in order to service the customer’s account or comply with legal requirements.
Inactive Customers and Closed Accounts: Should you ever decide to close your account(s) or become an inactive customer at ATC, we will continue to adhere to the privacy policies and practices as described in this our Privacy Notice.
Internet Privacy: Like most websites, ATC’s website gathers and maintains statistics about the number of visitors. However, visitors to our website are anonymous except where registration is required and cookies are used to improve your online experience. ATC does not rent, sell, trade, or otherwise disclose any personal information collected through our website. Any information you provide is for ATC’s use only.
E-Mail: Please do not provide any account or personal information such as tax identification numbers, account numbers, or account balances within your e-mail correspondence to us. We cannot use e-mail to execute transaction instructions, provide personal account information, or change account registration.
Funds Awaiting Investment or Distribution: All cash or cash equivalents received for your account are generally invested or swept into a money market fund or other interest-bearing investment during the normal course of business. Distributions are removed from the account and from investment and other interest-bearing accounts on the business day that distributions are processed. Depending on the timing of the collection of funds received and distributed and the availability of those funds, interest or other income may be earned on funds held for investment, sweep or distribution. Such interest or other income may be paid to ATC. The possibility of the receipt of such interest or other income was a factor in determining the total fees charged to your account.
Mutual Fund Fees: From time-to-time, ATC may invest funds in mutual funds, bank deposits or other investments from which ATC may receive financial benefits. These benefits may include receipt of certain fees (such as 12b-1 fees) or other income for providing services to clients of these investments. These benefits may result from shareholder servicing, administrative, and accounting services, by example. The possibility of the receipt of these financial benefits was a factor in determining the total fees charged to your account.
Affiliated Entities: From time to time, ATC may invest funds in deposits of Origin Bank and may receive financial benefits in the form of interest or other income from that bank as disclosed above. Origin Bank’s parent, Origin Bancorp, Inc., is a minority (less than 10%) stockholder of ATC’s parent, Argent Financial Group, Inc., and both entities have other mutual contractual relationships. The ownership interests and other relationships may create a conflict of interest. You may write your account officer to request that your account not be invested in Origin Bank deposits.
Please contact your account officer to request current prospectuses or if you have any questions regarding this disclosure.
Class Action Litigation: ATC employs a third-party vendor for the processing for class actions. Class Action Settlements will be deposited from each successful claim, less processing fees.
Important Information About Procedures For Opening A New Account With Argent Trust Company
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name, address, date of birth (in the case of an individual), taxpayer identification number, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying document in order to verify the information that you have provided to us. We are required by law to attempt to match the information provided by you against lists issued by various governmental agencies to confirm that you are not a known or suspected terrorist or in any way affiliated with a known or suspected terrorist group.
If you have any questions about this process, please discuss them with your account officer or our internal anti-money laundering program coordinator. Thank you for your cooperation and understanding with this process.
Pricing for securities traded on the exchange is provided by third-party sources. While sources used for pricing publicly traded securities are considered reliable, the prices displayed on your statement may be based on actual trades, bid/ask information or vendor evaluations. As such, the prices displayed on your statement may or may not reflect actual trade prices you would receive in the current market. It is possible prices for certain securities may vary widely at the time of trade execution in comparison to valuation prices displayed for statement purposes. Securities not traded on an exchange are valued by a variety of sources, which may include issuer-provided or client-provided information. ATC, including any of its affiliates, does not guarantee the accuracy, reliability, completeness or attainability of any pricing information provided by third party sources.
Objection To Disclosure of Beneficial Ownership
In an effort to permit direct communications between a company which issues securities and the shareholder who votes the securities, the Securities and Exchange Commission (SEC) has adopted a rule, referenced as 14b-1, “Shareholders Communication Act”.
For your protection, the Rule prohibits the requesting company from using your name and address for any purpose other than corporate communications.
ATC is authorized to refuse to disclose the Owner’s name, address, and security position(s) of current and/or future holdings that the Owner(s) may own from time-to-time pursuant to SEC Rule #14b-1.
2019 Form 1099 Reporting
Each year, Ameritrust Trust Company mails to you Forms 1099 reporting dividends, interest, gains and losses, and other income earned in your Trust / Agency / Custody account which we administer on your behalf.
As a result of the recent system conversion, you may receive two tax forms for your accounts. One form will represent the reporting period January 1, 2019 through November 30, 2019 while the other tax form will represent the final month of the year, December 2019. The combined forms should be used to complete your annual tax filing requirements.
The law requires we must mail Forms 1099-DIV, 1099-INT, 1099-OID, and 1099-MISC to clients no later than January 31st or March 15th if reporting by trustees and middlemen of WHFITs. The law further requires that Form 1099-B be mailed no later than February 15th or March 15th if Widely Held Fixed Income Investment trusts (WHFITs) are held. Law allows the consolidation of Forms 1099-B, 1099-DIV, 1099-INT, and 1099-OID, so, if WHFITs are held, the deadline for mailing the 1099s becomes March 15th.
We feel that it is important that you receive the most accurate Form 1099 that segregates “qualified” dividends, which are taxed at lower tax rates on your individual income tax returns. In order to accurately segregate “qualified” dividends on your Form 1099, we must be provided with information from the companies paying dividends, primarily mutual funds and real estate investment trusts (WHFITs).
We do not anticipate receiving the necessary information from these companies until late January or early February 2020. Because our Form 1099s are consolidated with the 1099-B, 1099-DIV, 1099-INT, and 1099-OID documents, it will not be possible to prepare and mail accurate tax reporting by the January 31, 2020 deadline. We have requested, and received, an extension of time for mailing tax information to clients in order to provide the most accurate information for your tax filing.
Your Form 1099 will be mailed as soon as all information is received on your assets. Our mailing of the combined Form 1099 for 2019 may vary from January 31st to March 15th. Your Form 1099 will be mailed no later than March 15, 2020.
Please contact your account administrator should you have any questions or concerns.
Tax Reporting Specific to Individual Retirement Accounts
2019 Form 5498
The Fair Market Value of your IRA as of 12/31/2019 appears on your statement and will be reported to the Internal Revenue Service on Form 5498 on an annual basis. A Form 5498 will be mailed by May 31st if you have a reported transaction (contribution, rollover, Roth conversion or re-characterization) to your IRA for 2018.
2019 Form 1099-R
If distributions were made from your IRA, Form 1099-R will be mailed by January 31st.
Required Minimum Distribution
If you are over 70 and 1/2 years of age or will be 70 and 1/2 during 2020, your notice of your Required Minimum Distribution for 2020 will be mailed by January 31st.