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Important notice of changes in temporary FDIC insurance coverage for transaction accounts
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest and interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
FDIC increase to $250,000 is permanent
You can enjoy peace of mind knowing that your accounts at Peoples Federal Savings Bank are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).
The temporary increase in FDIC insurance coverage from $100,000 to $250,000 per depositor had an initial deadline of December 31, 2010, and then an extended deadline to carry the increased coverage through December 31, 2013. Now, the $250,000 coverage provided by the FDIC is permanent. This includes deposits and accumulated interest in savings accounts, checking, and interest-bearing transaction accounts, money market accounts, and term deposit accounts such as certificates of deposit.
For more information...
Please contact us if you have any questions about our deposit insurance. You can use our information request form, or give us a call at (617) 254-0707. We're here to help you - plain and simple.