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Click here for the "American Recovery and Reinvestment Act"
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
FDIC Deposit Insurance has been increased to $250,000. This change became effective July 21, 2010. In addition, 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 does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
Note: Interest on Lawyers Trust Accounts ("IOLTAs") will receive unlimited insurance coverage as noninterest-bearing transaction accounts through December 31, 2012
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
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