Transaction Account Guarantee Program Update
Beginning July 1, 2010, Alliance Bank will no longer participate in the FDIC's Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in non-interest bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC's general deposit insurance rules.
The change effective July 1, 2010, does not affect general FDIC Deposit Insurance coverage. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 per depositor to $250,000 per depositor. Effective May 20, 2009, the temporary increase to $250,000 per depositor has been extended through December 31, 2013. On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per depositor.
For more information on the FDIC's Deposit Insurance coverage:
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