All funds in a "noninterest-bearing account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes an Interest on Lawyer Account ("IOLA"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.Starting January 1, 2013:
Starting January 1, 2013 the FDIC will no longer fully insure deposits in non-interest bearing accounts. Funds in non-interest bearing accounts will be insured up to $250,000 under the FDIC's general deposit insurance rules.
You are welcome to call FDIC toll free at 1-877-ASK-FDIC or contact them at www.fdic.gov.