Notice of Changes in Temporary FDIC Insurance Coverage
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 on interest-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 the FDIC's information page.
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
With a Capital Bank CD, even investments larger than the current FDIC insurance limit are eligible for full FDIC insurance.
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The Federal Deposit Insurance Corporation (FDIC) preserves and
promotes public confidence in the U.S. financial system by insuring
deposits in banks and thrift institutions for at least $250,000;
by identifying, monitoring and addressing risks to the deposit
insurance funds; and by limiting the effect on the economy and
the financial system when a bank or thrift institution fails.
For more information, please visit the FDIC's website