November 18, 2009
Florida Business Bank, Melbourne Florida, is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. 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.
For purposes of the Transaction Account Guarantee Program, the FDIC is including in the definition of a noninterest-bearing transaction account: a) Accounts commonly known as Interest on Lawyers Trust Accounts (IOLTAs) and functionally equivalent accounts; and b) Negotiable Order of Withdrawal accounts (NOW accounts) with interest rates no higher than 0.50% for which the insured depository institution at which the account is held has committed to maintain the interest rate at or below 0.50%.
Florida Business Bank Copyright 2009
