Treasury Department Guarantee Program
Mission National Bank 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.
There may, however, be situations where the coverage provided under the Transaction Account Guarantee Program may not be available. For instance, under this program the definition of a noninterest-bearing transaction account includes low-interest NOW accounts. But if the interest rate on the NOW account is over 0.50 percent, the account is not guaranteed under this program. In this situation, the coverage would be based on the FDIC's general deposit insurance rules. FDIC Insurance Coverage
Standard Deposit Insurance Coverage Amount of $250,000 Made Permanent.
Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor. The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount (SMDIA) of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.
If you have any questions, please feel free to speak to our Branch Manager, go to www.fdic.gov or call 1-877-ASK-FDIC.
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