All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation insured up to $250,000 per depositor category.
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 also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information on FDIC coverage, contact a branch or click here.