FDIC Upcoming Changes for Noninterest-Bearing Transaction Accounts

The Dodd-Frank Act provided temporary unlimited deposit insurance (FDIC) coverage from 12/31/2010 until 12/31/2012 for “noninterest-bearing transaction accounts” at all FDIC-insured depository institutions.  This coverage has been available to all depositors:  consumers, businesses and government entities alike.  Without action by Congress, these accounts will lose their unlimited coverage and will no longer be insured separately from a depositor’s other accounts at the same financial institution starting 1/1/2013.  Instead, these accounts would be added to a depositor’s other accounts (in the same ownership category at the same institution) with the aggregate balance being insured up to $250,000 per depositor.

More information on what accounts are characterized as “noninterest-bearing transaction accounts” and the coverage limits on other FDIC-insured accounts can be found here:  http://www.fdic.gov/deposit/deposits/insured/print/LgPrintEng-YID.pdf.


The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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