Deposit Insurance: Noninterest Checking Accounts Covered Up to $10 Million.
This law significantly increases the security of funds held in noninterest-bearing transaction accounts (checking accounts) at banks and credit unions. Citizens and businesses can now insure up to $10 million in these accounts, providing greater financial stability in case of institutional failure. This change primarily applies to smaller and medium-sized financial institutions, excluding the largest global banks.
Key points
Deposit insurance for noninterest-bearing transaction accounts is raised to $10,000,000.
The standard insurance limit for other deposit types (e.g., savings) remains unchanged.
The expanded protection excludes the largest global systemically important banks and foreign bank branches.
Smaller financial institutions are protected from special assessment fees related to this change during a transition period.
Status:
Introduced
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