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.
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.
NOTICE
OF EXPIRATION OF THE TEMPORARY FULL 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 (including an Interest on Lawyer Trust Account) no longer
will 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.
For more information about
FDIC insurance coverage of noninterest-bearing transaction accounts, visit
http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
