FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013.
On May 20, 2009, President Barack Obama signed the Helping Families Save Their Homes Act, which extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, 2013. This extension of the temporary $250,000 coverage limit became effective immediately upon the President's signature. The legislation provides that the SMDIA will return to $100,000 on January 1, 2014.
CLICK HERE to learn more about the benefits and limitations of deposit insurance on the FDIC website.
Transaction Account Guarantee Program
Reliance 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 Reliance Gold Club and Money Maker accounts have a higher interest rate and therefore do not qualify under this program. Those balances are covered under the traditional FDIC coverage.