NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE 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.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
FDIC Insurance and the FDIC’s Transaction Account Guarantee Program
What amount of insurance coverage do I have for my accounts?
Effective through December 31, 2013:
Temporary Liquidity Guaranty Program. Converse County Bank is participating in the FDIC's Transaction Account Guarantee Program under which all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Funds automatically transferred to a non-deposit account or other account not subject to this Program will void the FDIC's guarantee with respect to the transferred funds. Coverage under this Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
On January 1, 2014:
Basic FDIC insurance will return to $100,000, except for deposits in IRAs and certain other retirement accounts, which will remain at $250,000 per depositor.
Where can I go if I still have questions?
You can call FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at www.fdic.gov.
You can also call Converse County Bank directly at 1-307-358-5300.
