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FDIC Coverage Transaction Accounts
FDIC Coverage for Transaction Accounts
All funds in a "non interest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation (FDIC) from December 31, 2010 through December 31, 2012. This temporary unlimited covereage 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 "non interest-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, i.e. NOW accounts.
For more information about temporary FIDC insurance coverage of transaction accounts, visit www. fdic.gov.