Transaction Account Guarantee Program
Expiration of Temporary FDIC Insurance Coverage for Transaction Accounts
By operation of federal law, beginning January 1, 2013, funds deposited in a non interest-bearing transaction account (including 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 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.
For more information about FDIC insurance coverage of non interest-bearing transaction accounts, visit: http://www.fdic.gov/deposit/deposits/unlimited/expiration.html