Under the program, all non-interest bearing non-public transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program (TAGP) is in addition to and separate from the $250,000 coverage available under the FDIC's general deposit insurance rules.
By participating in the FDIC's voluntary program at its own expense, Bank of Commerce is able to offer this benefit to its customers.
This added coverage will be particularly valuable to small businesses to assure payroll and other operating accounts are fully insured. Bank of Commerce sees this program as a way to provide extra deposit insurance protection for its customers and ensure your money is safe.
For most of us, our deposits fall within the FDIC's deposit insurance coverage limits. However, if you exceed the limit, simply contact us and ask us how to maximize your FDIC deposit coverage.
Yes. All of Bank of Commerce's non-public non-interest bearing transaction deposit accounts are 100% FDIC-insured for the entire amount in the account through June 30, 2010. Negotiable Order of Withdrawal (NOW) Accounts at Bank of Commerce are excluded from this additional coverage, but are insured under the general FDIC coverage of $250,000 per depositor.
No. This is not part of the Troubled Assets Relief Program (TARP) bailout program. The Transaction Account Guarantee Program is a voluntary service provided by the FDIC. Bank of Commerce chose to participate at its own expense to benefit its customers. No taxpayer or "bailout" funds are being used to pay for the additional coverage; this program will be paid for by participating banks.
No. The Transaction Account Guarantee Program and new FDIC general deposit insurance coverage limits are temporary programs and will remain in effect until June 30, 2010.
Deposits at Bank of Commerce are federally insured by the FDIC up to the maximum legal limits. On October 3, 2008, FDIC general deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. Bank of Commerce checking, savings, certificates of deposit (CDs), money market accounts, and other interest-bearing deposit accounts, when combined, are now FDIC-insured up to $250,000 per depositor. Joint accounts may be insured up to $250,000 per owner in addition to the $250,000 of insurance available on those same owner's individual accounts.
The FDIC provides separate coverage up to $250,000 for retirement accounts, such as Individual Retirement Accounts (IRAs) and Keoughs.
The Transaction Account Guarantee Program is in addition to and separate from the $250,000 coverage available under the FDIC's general deposit insurance rules.
To learn how FDIC insurance works, visit the agency's website or call 877-ASKFDIC (877-275-3342).