What is the difference between basic FDIC deposit insurance coverage and the unlimited coverage available in the Transaction Account Guarantee Program?
There are two distinct differences in these programs: FDIC Coverage Amounts Basic FDIC deposit insurance covers up to $250,000 per depositor. The Transaction Account Guarantee Program provides unlimited coverage for funds held in non-interest bearing checking accounts. Bank Participation in the Programs The basic FDIC coverage up to $250,000 per depositor is available at any FDIC insured bank. The Transaction Account Guarantee Program is a voluntary program Bank of Evansville has elected to participate. This program provides a temporary increase in FDIC coverage through December 31, 2010.
Related Questions
- How does the guarantee on non-interest-bearing transaction deposit accounts affect a customers insurance coverage for other types of accounts?
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