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Recent Changes to FDIC Insurance Coverage
The standard insurance amount
of $250,000 per depositor is in effect through December 31, 2013. On
January 1, 2014, the standard insurance amount will return to
$100,000 per depositor for all account categories except IRAs and
certain other retirement accounts, which will remain at $250,000 per
depositor.
State Bank of Chilton is participating in the
FDIC Transaction Account Guarantee Program. Under that program,
through December 31, 2010, all non-interest bearing transaction
accounts are fully guaranteed by the FDIC for the entire amount in
the account. Negotiable Order of Withdrawal (NOW) accounts with
interest rates of 0.25% or less are included in the program.
This means all Personal and Business checking accounts; SBC Choice
and SBC Biz Choice accounts have full deposit insurance coverage
regardless of dollar amount, until December 31, 2010. 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.
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