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 noninterest-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.
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 FDIC insurance coverage of noninterest-bearing transaction accounts, visit: http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
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UNLAWFUL GAMBLING NOTICE: In 2006, Congress passed the Unlawful Internet Gambling Act, which required banks to prohibit commercial customers from receiving deposits from online gambling sites. We are required to enforce this law. Please notify us if your account is ever used for Internet gambling. That goes for all kinds, even those you believe to be legal. Failure to do so may result in limits being put on your transactions or account closure. For more details, please contact your local branch.