FDIC Transaction Account Guarantee Program & Deposit Insurance
FDIC Transaction Guarantee Program
PremierWest 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 coverage available under the FDIC's general deposit insurance rules.
On October 14, 2008, the FDIC announced its temporary Transaction Account Guarantee Program, which provides full coverage for noninterest-bearing transaction deposit accounts at FDIC-insured institutions that agree to participate in the program. The transaction account guarantee applies to all personal and business checking deposit accounts that do not earn interest at participating institutions. This unlimited insurance coverage is temporary and will remain in effect for participating institutions through December 31, 2010. For more information visit:
- Temporary Liquidity Guarantee Program - Extension of Deadlines and Election Instructions
- Temporary Liquidity Guarantee Program - Interim Rule
- Temporary Liquidity Guarantee Program - FDIC Announces Temporary Program to Encourage Liquidity and Confidence in the Banking System
FDIC Deposit Insurance
The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. For more information visit:
- Basic FDIC Insurance Coverage Permanently Increased to $250,000
- Changes to FDIC Deposit Insurance Coverage
Beginning December 31, 2010 through December 31, 2012, deposits held in non-interest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions.
