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Home >> Accounts >> Checking Accounts
About an Insured Checking Account
If I have checking account that gets a few or dollars of interest each month, am I or am I not insured by the FDIC up to $250k until Dec.31, 2009? I'm reading conflicting things on the FDIC website and getting very confused with the TAGP and other such acronynms.
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 Your funds in an FDIC-insured bank or NCUA-insured credit union are insured up to $250,000 per depositor through the end of 2009, after which the insurance coverage limit will revert to $100,000. In addition, if your account is in an FDIC-insured bank that is participating in the FDIC's Transaction Account Guarantee Program (TAGP), and if your account's interest rate cannot rise to above 0.50% (one half of one percent) until after the end of 2009, it is fully guaranteed regardless of its balance. Your bank can tell you if it participates in the TAGP and whether your checking account qualifies for the TAGP guarantee, which really only matters if you have more than $250,000 in your accounts at the bank.
Published on BankingQuestions.com 4/09/09
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