Transaction Account Guarantee Program
In order to provide you, our valued customer, peace of mind that your money is safe and secure, Taylor County Bank is pleased to announce our participation in the FDIC Transaction Account Guarantee (TAG) Program. The TAG program guarantees full deposit coverage of non interest-bearing transaction accounts, regardless of the dollar amount, and is in addition to the standard FDIC insurance that was temporarily increased to $250,000 per depositor. TAG Program expires June 30, 2010. FDIC limits will be in effect through December 31, 2013. At Taylor County Bank we are fully committed to ensuring the safety of our customers' deposits, and providing you with the best banking services available.
Transaction Account Guarantee Program FAQs
- What is the Transaction Account Guarantee (TAG) Program?
- What are non-interest bearing deposit transaction accounts?
- How long will the additional FDIC coverage last?
- How does the Transaction Account Guarantee Program affect my insurance coverage on other types of accounts?
What is the Transaction Account Guarantee (TAG) Program?
On October 14, 2008, the FDIC announced its new Transaction Account Guarantee (TAG) Program as part of the Temporary Liquidity Guarantee Program. The TAG program guarantees full deposit insurance coverage of non-interest bearing deposit transaction accounts, regardless of the dollar amount. All FDIC-insured institutions (including Taylor County Bank) were automatically enrolled for a 30 day period. We are pleased to announce that Taylor County Bank will continue participation in this program.What are non-interest bearing deposit transaction accounts?
Non-interest bearing deposit transaction accounts are any demand deposit accounts, such as personal checking or business checking accounts that do not earn interest.
Accounts covered by the FDIC Transaction Account Guarantee Program at Taylor County Bank include analyzed business checking, regular business checking, regular checking, organization checking, Better-than-Free checking, and nonprofit checking.How long will the additional FDIC coverage last?
The TAG program guarantees full deposit coverage of non interest-bearing transaction accounts, regardless of the dollar amount, and is in addition to the standard FDIC insurance that was temporarily increased to $250,000 per depositor. TAG Program expires June 30, 2010. FDIC limits will be in effect through December 31, 2013.How does the TAG program affect my insurance coverage on the other types of accounts?
The FDIC coverage on non-interest bearing deposit transaction (checking) accounts is over and above the current FDIC coverage of $250,000 per depositor.
Example: If you have $50,000 in a non-interest bearing deposit transaction (checking) account and $250,000 in a certificate of deposit (CD) at Taylor County Bank, the FDIC will insure the entire $300,000.
