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.

Use EDIE, The FDIC’s Electronic Deposit Insurance Estimator

The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category. All of the FDIC’s deposit insurance coverage materials posted on its website – including EDIE, its Electronic Deposit Insurance Estimator – have been updated to reflect the permanent $250,000 coverage.  Click here to use EDIE, The FDIC’s Electronic Deposit Insurance Estimator.

FDIC Consumer Education

On January 26, 2006, the FDIC released an on-line tool to help educate consumers how to better protect their computers and themselves from identity theft, and steps to take if they have been victimized. The presentation: Don’t Be an On-Line Victim: How to Guard Against Internet Thieves and Electronic Scams is on the FDIC’s website.