From the FDIC
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit the FDIC Website.
Electronic Deposit Insurance Estimator (EDIE)
Go to the FDIC Website that includes a wealth of information about FDIC deposit insurance as well as the Electronic Deposit Insurance Estimator (EDIE), an online tool created to help you manage your deposits and verify FDIC insurance coverage. If you have any questions or concerns about your Summit Bank deposits, please don't hesitate to call us.