FDIC INSURANCE

To give you, our valued customers, peace of mind that your money is safe and secure, Bank of George is pleased to update you on the recent changes regarding FDIC Insurance coverage.

 

On July 21, 2010 the current standard maximum deposit insurance amount was permanently raised to $250,000.

 

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

 

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation (FDIC) from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

 

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

 

For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov and/or contact Virginia Knudsen, EVP/COO, at (702) 851-4202.

 

To calculate your own insurance coverage, please visit The Electronic Deposit Estimator (EDIE).