Transaction Account  Guarantee Program

  

Progressive 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. All balances in IOLTA accounts are also covered under the Transaction Account Guarantee Program. Certain other checking accounts may also be covered. Contact a Customer Service Representative for more details.

 

 

 

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 deposit 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. It does not include other accounts, such as traditional checking or demand deposit account that may earn interest, NOW accounts, money-market deposit account, and Interest on Lawyers Trust Accounts (‘IOLTAs’).

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.