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: http://www.fdic.gov
- $4.00 Monthly Service Charge
- Cost per paid check is $.15
- Cost per deposit $1.00
- Compensating balance credit of $.20 per $100.00 based on average daily balance
- $25.00 minimum balance
- Interest paid monthly
- $5.00 monthly service fee if balance falls below the average daily balance of $25.00
- Fixed rate of interest
- Various terms available
Peoples Federal Savings and Loan is committed to serving the needs of local businesses and organizations. As a vital member of the community, we see the importance of serving the business community, as well as organizations with their deposit needs.