| |
|
|
Quick Links |
|
|
| |
|
|
|
|
| |
|
Temporary
Changes to
FDIC Deposit
Insurance
Coverage
The
following
appears at
FDIC.com
To visit
>
click here
< |
FDIC press
releases
and consumer news
To visit
>click
here< |
QUICK LINKS
for FDIC
information,
alerts,
and
resources
To visit
>click
here< |
The standard insurance
amount is $250,000.00
effective July 22,
2010.
Foreword
The FDIC –short for the Federal Deposit Insurance Corporation - is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
If a depositor's accounts at one FDIC-insured bank or savings association total $250,000 or less, the deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements.
This guide describes the FDIC's rules for insurance coverage of bank and savings association deposits and answers frequently asked questions about the FDIC's insurance rules. The guide is intended primarily for depositors who need a comprehensive explanation of the FDIC's rules, including the requirements to qualify for more than $250,000 in insurance coverage.
Notice
The information provided in this guide is presented in a non-technical way and is not intended to be a legal interpretation of the FDIC's laws and regulations on insurance coverage. For greater detail concerning the technical aspects of insurance coverage, depositors or their counsel may wish to consult the Federal Deposit Insurance Act (12 U.S.C.1811 et seq.) and the FDIC's regulations relating to insurance coverage (12 C.F.R. Part 330).
Federal law expressly limits the amount of insurance the FDIC can pay to depositors and no representation made by any person can increase that coverage.
|
|
| |
|
|
|
|
| |
How this relates to your Fairfield Federal Account. |
|
| |
|
|
| |
Federal Deposit Insurance Corporation
Deposit Insurance on Certain Transaction Accounts
Notice
Fairfield Federal is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through
December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
For Business Checking Accounts, if funds are swept to an account that is not guaranteed under the FDIC's Transaction Account Guarantee Program, such a sweep will void the FDIC's guarantee with respect to the swept funds. That is, funds swept from a noninterest-bearing transaction account into an interest-bearing account, usually on an overnight basis, will be insured under normal FDIC insurance of account rules while those funds are in the interest-bearing account.
|
|
| |
At Fairfield Federal a "noninterest-bearing transaction account" is a Type 60 Personal Checking Account, a Type 61 Free Checking Account and a Type 65 Business Checking Account. Type 60 checking accounts are included in the FDIC's Transaction Account Guarantee Program because Fairfield Federal has committed to maintain the interest rate at or below 0.25 percent at all times through
December 31, 2010. Type 61 and Type 65 Accounts do not pay interest.
FDIC Regulations: 12 CFR §§ 370.2, 370.4, and 370.5. Issued November 21, 2008, effective November 21, 2008, and admended
August 26, 2009 and further
amended April 19, 2010.
As required by § 370.5(h)(3) this Notice was posted in the lobby of Fairfield Federal's main office and each branch on November 28, 2008, and admended September 3, 2009
and further amended April
19, 2010. |
|
| |
|
|
|
|
|
Equal Housing Lender