How will a depositor know if a transaction account is fully guaranteed under the transaction account guarantee component of the Temporary Liquidity Guarantee Program?
The FDIC will maintain and post on its website a list of eligible entities that opt out of the transaction account guarantee program. There will be a separate list available after November 2, 2009 of those institutions that opt out of the extension. Beginning December 19, 2008, every insured depository institution that offers noninterest-bearing transaction accounts must post a prominent notice in the lobby of its main office and each branch, and, if it offers Internet services, on its website, clearly indicating whether the institution is participating in the transaction account guarantee program. Internet deposit services are defined broadly to include not only deposit taking, but any activity related to a deposit account, such as the ability to pay bills, transfer funds, view account balances, or obtain any account specific information. Internet deposit services, on-line banking services, and internet banking services are used interchangeably in these questions and answers. If the i
The FDIC will maintain and post on its website a list of eligible entities that opt out of the transaction account guarantee program. There are separate lists of those institutions that opt out of the extensions. These opt out lists can be found here. Beginning December 19, 2008, every insured depository institution that offers noninterest-bearing transaction accounts must post a prominent notice in the lobby of its main office and each branch, and, if it offers Internet services, on its website, clearly indicating whether the institution is participating in the transaction account guarantee program. Internet deposit services are defined broadly to include not only deposit taking, but any activity related to a deposit account, such as the ability to pay bills, transfer funds, view account balances, or obtain any account specific information. “Internet deposit services,” “on-line banking services,” and “internet banking services” are used interchangeably in these questions and answers.
Related Questions
- How will a depositor know if a transaction account is fully guaranteed under the transaction account guarantee component of the Temporary Liquidity Guarantee Program?
- Can the proceeds of debt guaranteed under the debt guarantee component of the Temporary Liquidity Guarantee Program be used to prepay debt that is not guaranteed?
- How will a depositor know if a transaction account is fully guaranteed under the TAG component of the TLGP?
