What are the disclosure requirements for the Transaction Account Guarantee Program?
The FDIC offers the following sample language: For Participating Institutions that do not opt out of the Transaction Account Guarantee Program Extension by November 2, 2009 “[Institution Name] 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. 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.” For Participating Institutions That Elect To Opt Out of the Extended Transaction Account Guarantee Program Effective on January 1, 2010 Beginning January 1, 2010 [Institution Name] will no longer participate in the FDICs Transaction Account Guarantee Program. Thus, after December 31, 2009, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Accoun
The FDIC offers the following sample language: For Participating Institutions that have not opted out of the Transaction Account Guarantee Program Extensions: “[Institution Name] is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-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 FDIC’s general deposit insurance rules.” For Participating Institutions That Elect To Opt Out of the Extended Transaction Account Guarantee Program Effective on July 1, 2010: Beginning July 1, 2010 [Institution Name] will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Progra
