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
Now there is a friendly and easy-to-use learning tool designed to assist you with opening a checking account, starting a savings program, managing money through a personal budget, getting a credit card, improving your credit history, or borrowing money for a major purchase. Whatever your banking need, the FDIC Money Smart computer-based instruction tool can help. For computer-based training, visit http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html. For the Podcast (MP3) version, visit http://www.fdic.gov/consumers/consumer/moneysmart/audio/index.html.
How can you be sure the balances in your accounts are protected by FDIC insurance? You can learn exactly how FDIC rules and limits apply to your specific accounts by using the FDIC’s Electronic Deposit Insurance Estimator (EDIE). With EDIE, you can calculate your insurance coverage on all types of FDIC- insured accounts, including checking, savings, and money market accounts, CDs and more. Visit https://www.fdic.gov/edie/index.html.
As bank failures are in the news, the FDIC is reminding consumers that our financial resources run deep and that their insured deposits are fully protected.
"Depositors should understand that the chances of their bank failing are low, and even if their bank does fail, depositors have nothing to worry about," said FDIC Chairman Sheila C. Bair. "The FDIC fully guarantees their insured deposits and provides them with seamless access to their money. For the insured depositor, a bank failure is a non-event." read more.
Many people have questions about FDIC insurance. How does it work? What does it stand for? How much am I eligible for? For answers to these and many other questions check out the FDIC.gov website. There you can find answers to your FDIC questions.
Still have burning questions?
If you have further about FDIC Insurance or would like to speak to a real person feel free to contact us! We love hearing from you. Stop by or give us a call at 480-998-8408!