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InsurBanc Notes FDIC Extends the Transaction Account Guarantee Program Until End of 2010

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Posted on 04 May 10

InsurBanc, the bank founded by insurance agents for insurance agents, noted that a federal liquidity guarantee program for non-interest-bearing transaction accounts has been extended through December 31, 2010.

On April 13, 2010, the Federal Deposit Insurance Corporation (FDIC) announced the extension of the Transaction Account Guarantee portion of the Temporary Liquidity Guarantee Program for six months, through December 31, 2010. Previously, it was scheduled to expire June 30, 2010.

Under FDIC’s Liquidity Guarantee Program, all non-interest-bearing transaction deposit accounts at an FDIC-insured institution (including personal and business checking accounts that do not earn interest) are fully insured for the entire amount in the deposit account. This rule also includes all IOLTA deposits and NOW account deposits that earn 1/2 of 1% or less. This unlimited coverage is temporary and will remain in effect through participating institutions until the extended date of December 31, 2010. Customers need to check with their financial institution to see if they are participating in the Program. InsurBanc is a participating institution.

The change is noted on a special InsurBanc Web page that covers federal deposit insurance at www.InsurBanc.com/fdic.php. The Web page includes highlight of various aspects of deposit insurance coverage, answers to frequently asked questions, links to key FDIC information and to “EDIE the Estimator,” an FDIC tool that calculates deposit insurance coverage.

About InsurBanc:

InsurBanc is headquartered in Farmington, Conn., and is a member of the Federal Deposit Insurance Corporation (FDIC). The bank, which operates in all 50 states, was jointly developed by the 300,000-member Independent Insurance Agents & Brokers of America (IIABA), Alexandria, Va., and the W. R. Berkley Corporation, Greenwich, Conn., an insurance holding company. InsurBanc offers a complete line of business products and services tailored to the independent insurance agent, including acquisition and perpetuation financing, cash management and remote deposit. InsurBanc also offers a full range of consumer banking products, such as free checking, certificates of deposit, home equity lines of credit and loans.

Contact InsurBanc at: (866) 467-2262 or www.insurbanc.com.


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