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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 does not include other accounts,
such as traditional checking or demand deposit accounts that may earn
interest, NOW accounts, money-market deposit accounts, and Interest on
Lawyers Trust Accounts ("IOLTAs").
For more information about temporary FDIC insurance coverage of
transaction accounts, visit www.fdic.gov.
NOW accounts, Super NOW and Lawyers Trust Accounts (ILOTA’s) will no longer be eligible for unlimited protection under the FDIC’s Transaction Account Guarantee Program (TAGP) as of January 1, 2011. They will be insured under the FDIC’s general insurance rules up to the Standard Maximum Deposit Insurance Amount of $250,000.00.
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