How will a depositor know if a transaction account is fully guaranteed under the TAG component of the TLGP?
The FDIC will maintain and will post on its website a list of those institutions that have opted out of the TAG component of the TLGP. Beginning December 19, 2008, every insured depository institution must post a prominent notice in the lobby of its main office and each deposit-taking branch clearly indicating whether the institution is participating or not participating in the TAG component of the Program. If the institution is participating in the TAG component of the Program, the notice must also state that funds held in non-interest-bearing transaction accounts at the entity are insured in full by the FDIC. These disclosures must be provided in simple, readily understandable text. If the institution uses sweep arrangements or takes other actions that result in funds being transferred or reclassified to an interest-bearing account or non-transaction account, the institution must disclose those actions to the affected customers and clearly advise them, in writing, that such actions w
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