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Notice of Expiration: Temporary Unlimited Coverage for Noninterest-Bearing Transaction Accounts
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11/05/2012
[PDF-1.09 MB]
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Description:Pursuant to Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts (NIBTAs), including Interest on Lawyer Trust Accounts, is scheduled to expire on December 31, 2012. Absent a change in law, beginning January 1, 2013, the FDIC no longer will provide separate, unlimited deposit insurance coverage for NIBTAs at insured depository institutions (IDIs). IDIs are encouraged to take reasonable steps to provide adequate advance notice to NIBTA depositors of the changes in FDIC insurance coverage so that they may consider the impact of any change in coverage in their management of these transaction accounts
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Release Date:11/05/2012
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Update Date:11/26/2018
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Withdrawn Date:12/01/2018
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)
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Fdic Employee Involved:Martin Becker;Catherine Ribnick;Mark Pearce;
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Law Involved:Dodd-Frank Wall Street Reform and Consumer Protection Act
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Related Regulation:12 CFR Part 330.16
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Source:FDIC Website
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Memorandum To:FDIC-Insured Institutions
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Effective Date:01/01/2013
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FIL Number:FIL-45-2012
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