NOTICE OF EXPIRATION OF THE TEMPORARY UNLIMITED FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account will no longer 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. To download the FDIC brochure, click HERE.
For more information about FDIC insurance coverage of transaction accounts, visit "What's New?" at www.fdic.gov.