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Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Non-Interest Bearing Transaction Accounts

Per Federal law, beginning January 1, 2013, funds deposited in a non-interest bearing transaction account (including an Interest on Lawyer Trust Account) will no longer 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 (see below).

For more information about FDIC insurance coverage of non-interest bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

Standard FDIC Insurance Coverage Permanently Increased to $250,000 per Depositor

On July 21, 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed, which permanently raises the current standard maximum deposit insurance amount to $250,000.

FDIC insurance covers deposit accounts including checking, savings, money market checking and certificates of deposit. The new limits refer to the total of all deposits that an accountholder(s) has at each FDIC insured bank.

The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

Single Account Holders $250,000 per owner
Joint Accounts
(two or more Persons)
$250,000 per co-owner
IRA's $250,000 per owner
Trust Accounts $250,000 per owner, per beneficiary, subject to specific limitations and requirements


To view a video on deposit insurance coverage, please click here.



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