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Temporary Changes to FDIC Deposit Insurance Coverage
The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
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. Also included are low-interest NOW accounts (NOW accounts that cannot earn more than 0.5% interest, or more than 0.25% effective July 1, 2010) and IOLTA accounts. This unlimited insurance coverage is temporary and will remain in effect through December 31, 2010.
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