FDIC Transaction Account Guarantee Program
Security State 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.
Effective July 1, 2010, NOW accounts earning over 0.25% are not covered under the Transaction Guarantee Program.
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.
NOTICE TO DEPOSIT CUSTOMERS:
Due to the restructuring of the Federal Reserve Check Processing Centers:
Effective February 26, 2010: All checks drawn on banks in the Atlanta Federal Reserve Check Processing Center will be considered “local”.
Funds may be made available to you sooner.
FDIC INSURANCE: 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.
Concerned about FDIC insurance, and want to know more? Read all about it at the FDIC's website. Is your money protected? Visit the FDIC's calculation website.
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