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In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, all funds in a "noninterest-bearing transaction account", including Interest on Lawyer Trust Accounts (IOLTAs), are insured in full by the Federal Deposit Insurance Corporation (FDIC), 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 depositor's 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 Lawyer Trust Accounts (IOLTAs). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest and money market deposit accounts
NOTICE OF CHANGE IN TEMPORARY FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
EFFECTIVE JANUARY 1, 2013
Absent a change in law, beginning January 1, 2013, the FDIC will no longer provide separate, unlimited deposit insurance for noninterest-bearing transaction accounts and IOLTAs. All of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts and IOLTAs, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about temporary FDIC insurance of transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html