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GENERAL DEPOSIT INSURANCE RULESOn July 21, 2010, the current standard maximum deposit insurance amount (SMDIA) of $250,000 was made permanent. This FDIC coverage limit applies per depositor, per insured depository institution, for each ownership category. For further information on deposit insurance coverage, please visit the FDIC's website at http://www.fdic.gov/deposit/deposits/.
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 does not 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.
Additional Notice for Sweep Account Customers: Funds that have been swept from a noninterest-bearing transaction account to an interest-bearing deposit account will not be eligible for this unlimited coverage for noninterest-bearing transaction accounts.
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