Deposit Insurance Coverage Temporary Increase in Coverage
On May 20, 2009, the standard insurance amount of $250,000 in effect per depositor has been extended through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
FDIC Transaction Account Guarantee Program
Torrey Pines Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all non-interest 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.
Listed below are the accounts that are fully guaranteed:
- All non-interest bearing accounts
- IOLTA Accounts
- NOW accounts that have an interest rate of .50% or less
Note that any account having actions that result in funds being transferred to an interest-bearing account or non-transaction account (such as a sweep account), voids the FDIC's guarantee of full coverage for that non-interest bearing account. The funds are still subject to the temporary FDIC coverage limit of $250,000 per depositor.
For more information on FDIC insurance coverage, please click here
