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 ("IOLTA"). 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.
FDIC Deposit Insurance Coverage Limits*:
| Single Accounts (owned by one person) | $250,000 per owner |
| Joint Accounts (two or more persons) | $250,000 per co-owner |
| IRAs and other Certain Retirement Accounts | $250,000 per owner |
| Revocable Trust Accounts | $250,000 per owner per beneficiary up to 5 beneficiaries (more coverage is available with 6 or more beneficiaries subject to specific limitations and requirements) |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 for the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $250,000 per official custodian |
* Unlimited deposit insurance coverage for noninterest-bearing transaction accounts (as defined in 12 C.F.R Part 370) at institutions participating in the FDIC's Transaction Account Guarantee Program is available from December 31, 2010 through December 31, 2012.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
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