Changes to the FDIC Insurance Program

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit: http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

FDIC GENERAL DEPOSIT INSURANCE RULES

Deposit accounts are now FDIC insured up to $250,000 per depositor – more than double the former account coverage limit.

Effective July 21, 2010 President Obama signed into law The Dodd-Frank Wall Street Reform and Consumer Protection Act which increased FDIC coverage permanently. Deposit accounts are now FDIC insured up to $250,000 per depositor.

Single accounts are insured up to $250,000
Joint accounts (50/50 ownership) are insured up to $500,000 ($250,000 for each individual)
IRA deposits are insured up to $250,000 per plan depositor
Accounts that are registered in a Living Trust are insured up to $250,000 per owner, per beneficiary

Here is an example of how you could be covered up to $1,000,000:

Account Owner	Deposit Type	Account Balance
Jane	Bank Savings Account	$250,000
John	BankSavings Account	$250,000
Jane and John (50/50 Ownership)	Bank Savings Account	$500,000 ($250,000 per person)
Total Deposits		$1,000,000
Amount Insured		$1,000,000