About FDIC Insurance

About FDIC Insurance

Macon  Bank is insured by the FDIC – short for the Federal Deposit Insurance Corporation – an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

As of July 21, 2010, the current standard maximum deposit insurance amount of $250,000 was made permanent. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "noninterest-bearing transaction 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 transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). 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. 

Funds that automatically transfer or sweep from a noninterest-bearing transaction account to an interest bearing account (such as a savings, MMDA or NOW account), will not be eligible for full deposit insurance coverage.  These funds will have the coverage of at least $250,000 available under the FDICs general deposit insurance rule.

For more information about temporary FDIC insurance coverage of transaction accounts, visit ww.fdic.gov.