FDIC's Transaction Account Guarantee Program
Publish Date : 12/12/2008 5:02:00 PM   Source : FCBOZ

First Community Bank of the Ozarks is participating in the FDIC's Transaction Account Guarantee program. Under this program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount of 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. The FDIC has decided to create an exception for NOW accounts with interest rates no higher than 0.50%. With such a rate, the NOW account will be similar to a noninterest-bearing transaction account and will be protected under the Transaction Account Guarantee Program.