All funds, in a “non-interest-bearing transaction account” or an “Interest on Lawyers Trust Account” (IOLTA), are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “non-interest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
This program does not cover funds swept or transferred from a non-interest bearing transaction account into an interest bearing account as of the end of the day.
For more FDIC insurance coverage information, visit www.fdic.gov or contact our Customer Service department at 952-830-7202.