Important Updates to Unlimited FDIC Insurance
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/brochures/deposit_insurance_at_a_glance-english.html
If you have any question as to whether your deposits are insured please speak to an ableBanker at 1-888-I-AM-ABLE (1-888-426-2253).
FDIC insurance limits of $250,000 apply to the combined deposit balances between ableBanking and its parent company Northeast Bank.