FDIC Insurance Coverage Changes
Notice of Expiration of the temporary full FDIC Insurance Coverage for non interest bearing transaction accounts.
By operation of Federal Law, beginning Jan 1, 2013, funds deposited in a non interest bearing transaction accounts ( including an IOLTA ) no longer will receive unlimited deposit insurance coverage by the FDIC.
Beginning Jan 1, 2013, all of a depositors accounts at an insured depository institution including all non interest bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insured amount ( $ 250,000.00 ), for each deposit insurance ownership category.
For more information visit: http://www.fdic.gov/deposit/deposits/unlimited/expiration.html