Changes in FDIC Deposit Insurance Coverage

In October 2008, the FDIC updated its deposit insurance programs by first increasing the coverage for funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit from $100,000 to $250,000.  The $250,000 limit is a total coverage limit that applies to accounts of a depositor held in the same capacity (e.g. single ownership account, joint account) at any single charted bank.  After December 31, 2013, the general FDIC limit will revert to $100,000.

Beginning July 1, 2010, B & L Bank will no longer participate in the FDIC's Transaction Guarantee Program.  Thus, after June 30, 2010, funds held in non-interest bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under FDIC's general deposit insurance rules.