Notice of Changes in Temporary FDIC Insurance 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.
EDIE can be used to calculate the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank, including:
Savings Accounts (both statement and passbook)
Money Market Deposit Accounts (MMDAs), and
Certificates of Deposit (CDs)
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.