Transaction Account Guarantee Program
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, from December 31, 2010, through December 31, 2012, all funds in "non-interest bearing transaction accounts" are insured in full by the Federal Deposit Insurance Corporation. This 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 "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 Interest on Lawyers Trust Accounts (IOLTAS). It does not include any transaction account that may earn interest, such as a negotiable order of withdrawal ("NOW") account, and money market deposit accounts, even if checks may be drawn on the account.
The temporary full insurance coverage of "non-interest bearing transaction accounts" expires on December 31, 2012. After December 31, 2012, funds in non-interest bearing transaction accounts will be insured under the FDIC's general deposit insurance rules, subject to the Standard Maximum Deposit Insurance Amount of $250,000.
Accounts covered by this program:
- CashRewards Checking
- Rewards Checking For Business
- Commercial Checking
- IOLTA
- Cash Management Checking
- Municipal Checking
- Non-Profit Checking Accounts
Information on the FDIC's General Deposit Insurance Rules:
FDIC answers to FAQs on deposit insurance >
Find out about FDIC Insurance from these informational videos
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