I have a non-interest bearing transaction depositaccount, but the balance is maintained as a compensation for banking services. Is the FDIC still insuring this at 100%?
Untitled
The purpose of the account isn't controlling. If the account is non-interest bearing and a transaction account (checking account, for example), and if the bank has not opted out of the FDIC's Transaction Account Guarantee (TAG) program, the account should be 100% guaranteed by the FDIC through December 31, 2009. After that date, the TAG program expires, and the account will be subject to the FDIC's normal deposit account insurance rules. Contact the bank to find out if it stayed in the program. It had until December 5, 2008 to opt out. After that, it is locked into the program.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The purpose of the account isn't controlling. If the account is non-interest bearing and a transaction account (