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NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE
COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposits in a noninterest-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 noninterest-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 the FDIC's website here.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “non-interest 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 $250,000.00 available to our depositors under the FDIC’s general deposit insurance rules.
The term “non-interest bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Lawyers’ Trust Accounts (IOLTAs). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market accounts.
For more information about your insured deposits, visit the FDIC's website here. |
