Tag Program

Transaction Account Guarantee (TAG) Program

The Federal Deposit Insurance Corporation announced that all funds in a "non-interest bearing transaction account" are insured in full by the FDIC from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.

The temporary unlimited insurance does NOT apply to interest bearing accounts, such as Money Market accounts, NOW accounts, and Certificates of Deposit. However, those accounts are still insured up to the $250,000 limit.
The term "non-interest bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest, it also includes Interest on Lawyers Trust (IOLTA) accounts.

It does NOT include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts moneymarket deposit accounts.

What does that mean?This means that ALL the monies you have on deposit with International Finance Bank in non- interest bearing accounts (like free checking, senior free checking, business checking) are insured dollar for dollar.

What accounts are covered?Eligible accounts include Traditional checking accounts and funds swept or transferred to another type of noninterest bearing deposit accounts.

When does it start?This temporary FDIC insurance coverage begins December 31, 2010.

What does that mean?Customers with deposits in non-interest bearing transaction accounts have unlimited coverage through December 31, 2012. Money Market deposit accounts, Certificates of Deposits, IRAs orSaving Account do not have the expanded coverage and basic $250,000 insurance coverage applies to them.

Basic FDIC insurance

Single accounts: (owned by one person) - $250,000 per owner.
Joint accounts: (two or more persons) - $250,000 per co-owner.
IRAs and certain other retirement accounts: $250,000 per owner.
Trust accounts: $250,000 per owner per beneficiary subject to specific limitations and requirements.
IOLTA accounts: $250,000 per each client for whom a law firm holds funds in an IOLTA.
Corporations, Partnership and Unincorporated Associations:$250,000 per corporation, partnership or association.
Employee Benefit Plan Accounts: $250,000 for the non-contingent, ascertainable interest of each participant.
Government Accounts: $250,000 per official custodian.
All account balances with the same ownership category are added together to determine the $250,000.
Effective July 22, 2010, the standard basic coverage limits were permanently increased to $250,000 for all deposit categories.If you need additional information please visit www.fdic.gov

Mortgage Loans

Tag Program

Basic FDIC insurance