Is Chevy Chase Bank participating in the Transaction Account Guarantee Program?
Yes, Chevy Chase Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. For purposes of the Transaction Account Guarantee Program, the definition of a “noninterest-bearing transaction account” includes checking accounts earning no interest or an interest rate of 50 basis points (.50%) or less, and Interest on Lawyers Trust Accounts (IOLTAs), regardless of interest rate. This definition does not encompass interest-bearing savings or money market deposit accounts. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
