NOTICE OF CHANGES
IN TEMPORARY FDIC INSURANCE COVERAGE
FOR TRANSACTION ACCOUNTS
Beginning January 1, 2013, funds deposited in a non-interest bearing transaction account and interest on Lawyer Trust Account will no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). All of a depositor's accounts at an insured depository institution, including all non-interest-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.
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. |
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