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Temporary Unlimited Deposit Insurance Coverage For Non-Interest Checking

Tuesday, September 28, 2010 - 8:04 PM
From a FDIC press release:
[FDIC] Board of Directors today approved the issuance of a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide depositors at all FDIC-insured institutions unlimited deposit insurance coverage on noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012.
[...]
The proposed rule emphasizes that, starting January 1, 2011, low-interest consumer checking accounts and Interest on Lawyer Trust Accounts (IOLTAs) (currently protected under the TAG Program) will no longer be eligible for an unlimited guarantee.

Here's the current rule on unlimited deposit insurance on non-interest checking accounts. It's in effect through this year.
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Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
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