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FDIC’s Transaction Account Guarantee Program
Mediapolis Savings Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 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.
For this separate coverage the Mediapolis Savings Bank NOW account is considered a noninterest-bearing transaction account because the interest rate paid is less than 0.50 percent.
SUPER NOW accounts are not eligible for this special coverage.
Sweep accounts are interest bearing accounts. The balances in these sweep accounts are not eligible for this special coverage.
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