FDIC Insurance Information
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress that maintains the stability and public confidence in the nation’s financial system by insuring deposits, examining and supervising financial institutions, and managing receiverships. To watch an informational video explaining how FDIC coverage works please click here
Additional information may be obtained by visiting the official FDIC website at www.fdic.gov
Transaction Account Guarantee Program (TAG)
Anchor Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest bearing transaction accounts are fully insured 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.
This new program, which is part of the FDIC’s Temporary Liquidity Guarantee Program, is available to customers of insured depository institutions. This new program provides full FDIC coverage for all non-interest bearing transaction accounts regardless of the account balance. This coverage is in addition to the current $250,000.00 limit per depositor.
The Transaction Account Guarantee Program is effective through December 31, 2009. The temporary insurance limit increase of $250,000.00 per depositor is also effective through December 31, 2013. There is no cost to our customers for this additional protection and security.
What checking accounts are covered?
Currently offered accounts include:
- Anchor Free
- Interest Checking
- Basic Business
- Business Analysis
- IOLTA
Covered accounts no longer offered include:
- Money Bag
- Interest Plus Club
- Xtreme
- Xtreme Platinum
How does the coverage work?
If a customer has $250,000.00 in a savings account and $10,000.00 in an Xtreme Plus account, the customer is fully insured for $260,000.00 because all of the customers’ funds in the Xtreme Plus account are insured under the new rule and that insurance is separate from the $250,000.00 per depositor limit.
If a business customer has $250,000.00 in a savings account and $250,000.00 in an analysis account, the customer is fully insured for $500,000.00 because all of the customers’ funds in the analysis account are insured under the new rule and that insurance is separate from the $250,000.00 per depositor limit.
For more information on the Transaction Account Guarantee, or other FDIC coverage changes, please visit the FDIC website.
