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Changes to FDIC Deposit Insurance Coverage
The standard deposit insurance amount is permanently raised to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership type.
Our institution has elected to participate in the FDIC’s temporary Transaction Account Guarantee Program, which provides depositors with unlimited coverage for noninterest-bearing transaction accounts. Noninterest-bearing checking accounts include Demand Deposit Accounts (DDAs) and any transaction account that has unlimited withdrawals and that cannot earn interest. It also includes interest on Lawyers Trust Accounts (IOLTAs"). This does not include low-interest NOW accounts and money market deposit accounts. This unlimited coverage is temporary and will remain in effect through December 31, 2012.
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