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FDIC’s Temporary Liquidity Guarantee Program

FDIC Notice for Participating Institutions Transaction Account Guarantee Program

 

January 24, 2011

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 also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit 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.


NOTICE TO NOW ACCOUNT HOLDERS
Florida Bank of Commerce was a participant of the Transaction Account Guarantee Program. Under this program, the FDIC had included in the definition of noninterest-bearing accounts NOW accounts with interest rates no higher than 0.25%. The Transaction Account Guarantee Program expired on December 31, 2010. Effective January 1, 2011, NOW accounts are no longer eligible for unlimited protection.

 

December 28, 2010

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, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts (“IOLTAs”).

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

NOTICE TO NOW & IOLTA ACCOUNT HOLDERS
Florida Bank of Commerce was a participant of the Transaction Account Guarantee Program.  Under this program, the FDIC had included in the definition of noninterest-bearing accounts NOW accounts with interest rates not higher than 0.25% and IOLTAs.  The Transaction Account Guarantee Program expires on December 31st of this year.  Beginning January 1, 2011, NOW & IOLTA accounts are no longer eligible for unlimited protection.

If you have any questions or would like additional information, please contact a Personal Banker.

July 21,2010

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000.  The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.  Consumers and bankers can find additional information regarding FDIC's deposit insurance coverage through the use of the FDIC's Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDIC's website www.myfdicinsurance.gov.

May 20,2009

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor, per insured bank, through December 31, 2013.  On January 1, 2014, the standard insurance amount is scheduled to return to $100,000 per depositor, per insured bank, for all account categories except Certain Retirement Accounts (includes IRAs) which will remain at $250,000 per depositor, per insured bank.  (This supersedes the October 3, 2008 changes).  For more information visit: http://www.fdic.gov/news/news/financial/2009/fil09022.html

October 3, 2008

Deposits at FDIC-insured institutions are insured up to at least $250,000 per depositor, per insured bank, until December 31, 2009.  On January 1, 2010, the standard insurance amount is scheduled to return to $100,000 per depositor, per insured bank for all account categories except for Certain Retirement Accounts (includes IRAs) which will remain at $250,000 per depositor, per insured bank.  For more information visit:  http://www.fdic.gov/news/news/financial/2008/fil08103.html

 


 

Florida Bank of Commerce has determined to provide additional FDIC deposit insurance under the 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.

Under the Final Rule, the definition of noninterest-bearing transaction accounts includes Interest on Lawyers Trust Accounts (and functionally equivalent accounts) are eligible. However, other NOW accounts are not eligible for the Transaction Guarantee Program.