Are cashiers checks and money orders covered under the Temporary Liquidity Guarantee Program?
Cashier’s checks and money orders issued by an insured depository institution are “deposits” as defined in the Federal Deposit Insurance Act. In addition, these instruments are “demand deposits” and therefore “transaction accounts” as defined in Regulation D. Being “deposits” as well as “transaction accounts,” these funds will be protected in full under the transaction account component of the program.
