Serving Colorado County residents since 1913

In order to view this object you need Flash Player 9+ support! Powered by RS Web Solutions

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