As a reminder to our business customers, the temporary unlimited FDIC insurance on noninterest- bearing transaction accounts, provided for within the Dodd-Frank Act and enacted by the FDIC on December 31, 2010, expired on December 31, 2012.

The Dodd-Frank provision followed the FDIC's voluntary Transaction Account Guarantee ("TAG") Program, which was enacted in October 2008; ran through December 2010; and served to provide stability during the country’s most recent economic downturn.

As of January 1, 2013, funds in a noninterest-bearing transaction account (including an IOLTA/IOLA) will no longer receive unlimited deposit insurance coverage, but will be FDIC-insured to the legal maximum of $250,000 for each ownership category.  For more information, visit: http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.

If you have questions or concerns, or would like information about alternative FDIC products, please contact: