Tom Hazlett at 952/469-9242
Troy Weathers at 651/480-8990
Federal Deposit Insurance Limits
The current standard maximum deposit insurance amount is $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Additional information regarding FDIC deposit insurance coverage can be found on the FDIC's website at www.fdic.gov or call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) 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.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html