Notice of Changes in Temporary FDIC Insurance
Coverage for Transaction Accounts
Effective January 1, 2013, deposits in a non-interest-bearing account (including in an Interest on Lawyer Trust Account) will no longer receive unlimited deposit insurance coverage through the Transaction Account Guarantee (TAG) program. These accounts will continue to be FDIC-insured to the standard maximum deposit insurance amount of up to $250,000 for each ownership category.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account, on which the insured depository institution pays no interest, as well as 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.
If you desire or require FDIC coverage beyond the standard maximum of $250,000, we can provide access to multi-million-dollar FDIC insurance through two well-established and well-respected services, Insured Cash Sweep® (ICS) and CDARS®.
With ICS, you can place funds into demand deposit accounts (with no withdrawal limits), money market deposit accounts (with up to six program withdrawals per month), or both. Using CDARS, you can put excess cash balances to work in CDs at a range of maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years). With both ICS and CDARS, you can enjoy the convenience of banking directly with us and earning one interest rate per service option or CD maturity.
For more information about the expiration of the TAG program and available alternatives, please contact your banker or call 314-878-2210 and we will direct you to one of our experienced bank representatives.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.