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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, click here.
FDIC Insurance Permanently Raised to $250,000
The FDIC has increased their standard coverage for each depositor to $250,000, permanently. In addition, if your deposits at Alaska Pacific Bank total more than $250,000, depending on the ownership of the accounts, you many be able to obtain additional insurance coverage through the Transaction Account Guarantee Program noted above. More information is also available in our Resource Center and a link to the federal FDIC insurance calculator can also be accessed there.