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Financial Institution Letter
Final Rule: Temporary Unlimited Coverage for Noninterest - Bearing Transaction Accounts
Summary: The FDIC Board of Directors (Board) has issued a final rule to implement the section of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that provides temporary unlimited coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (IDIs). The separate coverage for noninterest-bearing transaction accounts becomes effective on December 31, 2010, and terminates on December 31, 2012.

  • Section 343 of the Dodd-Frank Act amends the Federal Deposit Insurance Act to include noninterest-bearing transaction accounts as a new temporary deposit insurance account category. All funds held in noninterest-bearing transaction accounts will be fully insured, without limit, from December 31, 2010, through December 31, 2012.
  • This unlimited coverage is separate from, and in addition to, the coverage provided to depositors with other accounts held at an IDI.
  • The Dodd-Frank Act provision is similar to the FDIC's Transaction Account Guarantee Program (TAGP), which expires on December 31, 2010, but defines noninterest-bearing transaction accounts as only traditional noninterest-bearing transaction accounts. Unlike the TAGP, the Dodd-Frank Act definition of noninterest-bearing transaction accounts does not include either low-interest Negotiable Order of Withdrawal (NOW) accounts or Interest on Lawyer Trust Accounts (IOLTAs).
  • The final rule includes notice and disclosure requirements that IDIs must implement by December 31, 2010.

Continuation of FIL-76-2010

FDIC-Insured Institutions

Suggested Routing:
Chief Executive Officer
Head of Deposit and Branch Operations
Chief Compliance Officer
Training Officer

FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at

To receive FILs electronically, please visit .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Additional Related Topics:

  • Deposit Insurance Regulations (12 C.F.R 330)
  • Notice Requirements for Noninterest-bearing Transaction Accounts
Last Updated: November 9, 2010