FDIC Deposit Insurance Information
On October 3, 2008, the FDIC announced changes to the deposit insurance coverage by temporarily increasing the amount of coverage from $100,000 to $250,000 per depositor through December 31, 2009. On May 19, 2009, Congress extended the temporary $250,000 coverage through December 31, 2013.
Frontier Bank is participating in the new
Transaction Account Guarantee Program, which the FDIC announced on October 14, 2008. Under this program, effective immediately through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.
This unlimited coverage also extends to NOW accounts (interest-bearing transaction deposit accounts) earning an interest rate no greater than .50% and all IOLTAs (lawyers trust accounts). 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.
Additionally, in accordance with FDIC requirements, Frontier Bank's Board of Directors passed a resolution. It states our commitment to maintaining our NOW account interest rates at or below the qualifying .50% cap needed to ensure unlimited coverage.
Additional resources are available at the FDIC website:
FDIC Deposit Insurance Information Deposit Insurance Summary Electronic Deposit Insurance Estimator
Frontier Bank is committed to working with all of our customers to provide you with peace of mind knowing that your money is safe and secure. For more information, call any of our branch offices or contact the FDIC directly at 1-877-ASK-FDIC.