By operation of federal 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 ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
As always, if you have any questions concerning your accounts please give us a call.
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For details about FDIC insurance, visit www.fdic.gov.
Mary Bazan and Lynda Reilly, formerly of One Mortgage, Inc. and LynMar Lending Group, Inc., have been appointed Senior Vice Presidents of Mortgage Lending at First Community Financial Bank and will lead the bank’s mortgage lending team.Read More