InsurBanc Notes Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
InsurBanc, the bank founded by insurance agents for insurance agents, noted important insurance coverage changes that could have a direct impact on business and personal deposit 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 accounts” 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 and money-market deposit accounts.
The InsurBanc website includes important updates to insurance coverage, answers to frequently asked questions, and links to key FDIC information: www.InsurBanc.com/fdic.php.
For additional information or any questions or concerns, please call InsurBanc at: (866) 467-2262 .
Published on January 25, 2011
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