NEW FDIC INSURANCE LIMITS
Golden State 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.
NOTE: By FDIC rule “noninterest-bearing transaction accounts” include certain Attorney-Client Trust Accounts maintained for the benefit of the various state bar associations to provide funding for legal assistance to low income individuals (IOLTA/IOLA programs) and certain accounts subject to negotiable orders of withdrawal with a rate of interest which cannot exceed 0.25%. Transaction accounts which may pay interest greater than 0.25% are not eligible for this unlimited coverage but are eligible for the temporary increase in coverage to $250,000 per depositor.
