Notice: Transaction Account Guarantee (TAG) Set to Expire
NOTICE OF CHANGE IN TEMPORARY FDIC INSURANCE COVERAGE FOR
NON-INTEREST BEARING TRANSACTION ACCOUNTS
EFFECTIVE JANUARY 1, 2013
Pursuant to the Dodd-Frank Act, temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts (NIBTAs), including Interest on Lawyer Trust Accounts (IOLTAs), is scheduled to expire on December 31, 2012.
Absent a change in law, beginning January 1, 2013, the FDIC no longer will provide separate, unlimited deposit insurance coverage on NIBTAs. NIBTAs will be insured by the FDIC to $250,000, the same level afforded to all deposit accounts in FDIC member banks.
First Landmark Bank is taking a reasonable step to provide adequate advance notice to NIBTA depositors so that they may consider the impact of any change in coverage in the management of these transaction accounts.
For updates regarding this matter, please speak to one of the Bank’s Financial Specialists at 770.792.8870 or visit the FDIC website at www.fdic.gov or the Bank website at www.firstlandmarkonline.com.