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FDIC
Insurance Limit Permanently Increased to $250,000
On July 21, 2010, President Barack
Obama signed the Dodd-Frank Wall Street Reform and
Consumer Protection Act, which, in part, permanently
raised the standard maximum deposit insurance
amount to $250,000. The FDIC
insurance coverage limit applies per depositor, per
insured depository institution for each account
ownership category.
Notice of
Changes In Temporary FDIC Insurance Coverage For
Transaction Accounts
By Federal law, effective January
1, 2013, funds in a non interest-bearing transaction
account (including IOLTA) will no longer receive
unlimited deposit insurance coverage, but will be
FDIC-insured to the legal maximum of $250,000 for each
ownership catagory.
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 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.
Contact us at 713-439-3900 if you have any questions.
Click here for the FDIC Insurance rules and estimator.
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