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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
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 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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