FDIC Insurance Disclosure

NOTICE OF EXPIRATION OF THE TEMPORARY FULL 
FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS.

 

By operation of federal law, as of January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). As of January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest bearing transaction accounts,  are insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.