Transaction Account Guarantee Program
The East Carolina Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed 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.
The following accounts, although interest-bearing, will also be protected in full:
- Accounts commonly known as Interest on Lawyers Trust Accounts (IOLTAs) and functionally equivalent accounts.
- Interest-bearing checking accounts known as NOW accounts with unlimited activity.
The following interest-bearing checking account products will not be covered by this Program:
- Reward Checking
- Elite Prosperity
Temporary Increase in FDIC Insurance
FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013.
