NOTICE OF CHANGES IN FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
NOTICE: By federal law, as of 1/1/2013, funds in a transaction account (including an IOLTA/IOLA) no longer receive unlimited deposit insurance coverage, but are FDIC-insured to the legal maximum of $250,000 for each ownership category.
The term “non-interest-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 FDIC insurance coverage of transaction accounts, visit FDIC EDIE the Estimator.