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NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR 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. This change in coverage does include Interest on Lawyers Trust Accounts (IOLTAs) as Non Interest Bearing Transaction Accounts from December 31, 2010 through December 31, 2012.
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 deposits that may earn interest including NOW accounts, Money Market accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
