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 

 

On July 21, 2010 the standard maximum FDIC deposit insurance amount was permanently raised to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. By using the FDIC's online estimator, EDIE, you can easily check the insurance on your bank deposits.