Is there separate FDIC coverage for non-interest bearing checking accounts?
Yes, MidCarolina Bank is participating in the FDICs Transaction Account Guarantee Program. Under that program, through June 30, 2010, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDICs general deposit insurance rules. Funds swept or automatically transferred to an account that is not guaranteed under the Transaction Account Guarantee Program will void the FDICs guarantee with respect to the swept or transferred funds. Deposit accounts not covered by this program are insured up to $250,000 per depositor through December 31, 2013. Is there coverage over the basic insurance amount? Deposits in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured. The mos
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