What is a non-interest bearing checking account?
A non-interest bearing checking account is a checking account that does not pay interest. In addition, for the purposes of the Transaction Account Guarantee Program, a non-interest bearing transaction account also includes: Interest on Lawyers Trust Accounts (IOLTA Accounts) and NOW accounts that earn a rate of 0.50% or less. All of these accounts are fully insured at participating institutions through December 31, 2010. Please speak to an BOE representative if you have questions about whether your account is included in the Transaction Account Guarantee Program.
