FDIC Insurance coverage is now $250,000 per depositor
with full unlimited coverage on non-interest bearing transaction accounts.
Charter Oak bank is participating in the FDIC's Transaction Account Guarantee Program (TAG). A final ruling has been made extending that program through December 31, 2010, with a possibility of an additional extension of up to 12 months with no additional rulemaking. All non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Further, all institutions participating in the TAG Program that offer Negotiable Order Withdrawal (NOW) Accounts must note that the maximum interest rate allowed has been reduced to .25%. NOW Accounts that earn an interest rate higher than .25% will not be eligible for coverage under the TAG Program.
Non-Interest bearing transaction accounts are defined as:
- A transaction account that does not earn interest. Example- Regular Personal Checking Account or Business Basic Checking Account
Other accounts that will be covered under this program:
- NOW accounts which are interest bearing transaction accounts earning .25% or less that allows for checks to be written. Example- Personal Interest Checking and Business Interest Checking.
Below is the FDIC'S Electronic Depositor Insurance Estimator (EDIE)
EDIE lets you know how the insurance rules and limits apply to a depositor's specific group of deposit accouns - what's insured and what portion (if any) exceeds coverage limits at that bank. EDIE also allows the user to print the report for their records.
https://www2.fdic.gov/EDIE/
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