In accordance with federal law, effective January 1, 2013, all noninterest-bearing transactional accounts will no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).
Absent a change in the law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount of $250,000, for each deposit insurance ownership category.
If you have questions concerning your account or your FDIC insurance coverage, please contact a customer service representative by calling (864) 834-9031 or toll free at (888) 557-2265, by emailing email@example.com, or by visiting one of our branches. We will be happy to review your current FDIC insurance coverage and discuss other account options.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.