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read it for yourself, Dodd-Frank Act gives unlimited FDIC coverage on Non interest bearing account
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read it for yourself, Dodd-Frank Act gives unlimited FDIC coverage on Non interest bearing account
Changes in FDIC Deposit Insurance Coverage
November 9, 2010
On November 9, 2010, the FDIC issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts. Beginning December 31, 2010, through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account, at all FDIC-insured institutions. The unlimited insurance coverage is available to all depositors, including consumers, businesses, and government entities. This unlimited insurance coverage is separate from, and in addition to, the insurance coverage provided to a depositor’s other deposit accounts held at an FDIC-insured institution.
A noninterest-bearing transaction account is a deposit account where interest is neither accrued nor paid; depositors are permitted to make an unlimited number of transfers and withdrawals; and the bank does not reserve the right to require advance notice of an intended withdrawal.
Please note that Money Market Deposit Accounts (MMDAs) and Negotiable Order of Withdrawal (NOW) accounts are not eligible for this unlimited insurance coverage, regardless of the interest rate, even if no interest is paid on the account.
For more information, visit: http://www.fdic.gov/news/news/financial/2010/fil10076.html
July 21, 2010
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Consumers and bankers can find additional information regarding FDIC’s deposit insurance coverage through the use of the FDIC’s Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDIC’s website “Are My Deposits Insured?” In addition, they can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
For more information, visit: http://www.fdic.gov/news/news/press/2010/pr10161.html
Here is the link: http://www.fdic.gov/deposit/deposits/changes.html
November 9, 2010
On November 9, 2010, the FDIC issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts. Beginning December 31, 2010, through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account, at all FDIC-insured institutions. The unlimited insurance coverage is available to all depositors, including consumers, businesses, and government entities. This unlimited insurance coverage is separate from, and in addition to, the insurance coverage provided to a depositor’s other deposit accounts held at an FDIC-insured institution.
A noninterest-bearing transaction account is a deposit account where interest is neither accrued nor paid; depositors are permitted to make an unlimited number of transfers and withdrawals; and the bank does not reserve the right to require advance notice of an intended withdrawal.
Please note that Money Market Deposit Accounts (MMDAs) and Negotiable Order of Withdrawal (NOW) accounts are not eligible for this unlimited insurance coverage, regardless of the interest rate, even if no interest is paid on the account.
For more information, visit: http://www.fdic.gov/news/news/financial/2010/fil10076.html
July 21, 2010
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Consumers and bankers can find additional information regarding FDIC’s deposit insurance coverage through the use of the FDIC’s Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDIC’s website “Are My Deposits Insured?” In addition, they can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
For more information, visit: http://www.fdic.gov/news/news/press/2010/pr10161.html
Here is the link: http://www.fdic.gov/deposit/deposits/changes.html
Last edited by phantomssecret on Sun Sep 11, 2011 4:04 am; edited 1 time in total
phantomssecret- Elite Member
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Re: read it for yourself, Dodd-Frank Act gives unlimited FDIC coverage on Non interest bearing account
Nice find, thanks for the info.
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If you can't laugh at yourself, you probably see no humor in anything.
Things you should never talk about on OOM, they will surely start an argument, religion, politics and the rv.
Currency Revaluation Awareness Propaganda Analyst :study:
Army---Navy----Air Force-----Marines---Coast Guard
justpassntime- Elite Member
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Age : 61
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