INSURANCE COVERAGE FOR NONINTEREST-BEARING NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC TRANSACTION ACCOUNTS NOTICE:
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account/IOLTA) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).
Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000) for each deposit insurance ownership category.
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