News - Article

Republic Bank, Inc. is participating in the FDICs 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 FDICs general deposit insurance rules.

A “noninterest bearing transaction account” is defined as a transaction (checking) account and encompasses traditional demand deposit checking accounts that allow for an unlimited number of deposits and withdrawals at any time. The definition also includes low interest NOW accounts. This definition does not encompass interest-bearing Money Market checking accounts. Interest-bearing accounts will continue to be insured under the FDIC’s general deposit insurance rules for up to $250,000 through December 31, 2013.

For more information on the FDIC’s Transaction Account Guarantee Program, please contact one of our Personal Bankers or visit www.fdic.gov.