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Transaction Account
Guarantee Program |
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On July 21, 2010, President Barack Obama signed the
Dodd-Frank Wall Street Reform and Consumer Protection Act
into law, which, in part, permanently raises the current
standard maximum deposit insurance amount to $250,000. The
FDIC insurance coverage limit applies per depositor, per
insured depository institution for each account ownership
category.
NOTICE OF CHANGES IN
TEMPORARY FDIC INSURANCE
COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are
insured in full by the Federal Deposit Insurance Corporation
from December 31, 2010, through December 31, 2012. This
temporary unlimited coverage is in addition to, and separate
from, the coverage of at least $250,000 available to
depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes
a traditional checking account or demand deposit account on
which the insured depository institution pays no interest.
It also includes Interest on Lawyers Trust Accounts ("IOLTAs").
It doesnot include
other accounts, such as traditional checking or demand
deposit accounts that may earn interest, NOW accounts and
money-market deposit accounts.
For more information about temporary FDIC insurance coverage
of transaction accounts, visit www.fdic.gov.
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