FDIC Insurance Coverage
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 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 temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
There is no need to apply or even request these increased coverage limits. Coverage is automatic.
For further information, please contact your Account Representative or visit the FDIC website and calculate your own coverage limits at: http://www.fdic.gov/edie
Certificate of Deposit Account Registry Service (CDARS)
Franklin Community Bank, N.A. now offers the Certificate of Deposit Account Registry Service (CDARS) to provide our customers with multi-million dollar FDIC insurance coverage in order to protect large dollar investments. Customers can leave deposits up to the FDIC insurance coverage on deposit with Franklin Community Bank. Any deposit balances over these FDIC coverage limits can be enrolled in the CDARS program for up to $50 million in insurance protection. For further information concerning this program, please contact a customer service representative at one of our convenient locations.
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