Transaction Account Guarantee Program
FDIC General Deposit Insurance Coverage
FDIC deposit insurance permanently increased from $100,000 to $250,000 per depositor effective July 22, 2010.
Transaction Account Guarantee Program
First Banking Center is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all non-interest-bearing transaction accounts* are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
*COVERAGE
Also included in the program are:
- Interest bearing checking accounts with interest rates no higher than 0.25 percent; and
- Interest on Lawyers Trust Accounts (IOLTAs) and functionally equivalent accounts.
WHAT THIS MEANS FOR YOU
First Banking Center checking accounts are 100% FDIC-insured for the entire amount in the account. However, Rewards Checking, Premier Checking, and HSA Checking are excluded from the additional coverage under the Transaction Account Guarantee Program. These accounts will still receive the standard $250,000 coverage under the FDIC's general deposit insurance rules.
