FDIC’s Transaction Account Guarantee Program

Summit 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. 

The following are included in the definition of a noninterest-bearing transaction account for purposes of the Transaction Account Guarantee Program: 1) Accounts commonly known as Interest on Lawyers Trust Accounts (IOLTAs); 2) Negotiable order of withdrawal accounts (NOW accounts) with interest rates no higher than 0.25 percent for the full term of the account. Learn more about FDIC deposit insurance.