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5 Star Rating for Liberty Savings Bank

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Supporting the March of Dimes

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Manatee County Habitat for Humanity Donation

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FDIC Insurance

Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) has provided temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions from December 31, 2010 through December 31, 2012 (the Dodd-Frank Deposit Insurance Provision). 

Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same institution.  Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered institution.

For example, if after the expiration of the Dodd-Frank Deposit Insurance Provision a depositor under the single ownership category has $500,000 deposited in a noninterest-bearing transaction account and $250,000 deposited in a certificate of deposit, or total deposits of $750,000, the depositor would be insured for up to $250,000 and uninsured for the remaining balance of $500,000.

Depositors should be made aware that Section 335 of the Dodd-Frank Act permanently increases the SMDIA to $250,000.

If  you have specific questions about FDIC insurance coverage for your deposits, you may visit your local Financial Center or call FreedomLine at 800.436.6300.

Please visit the FDIC website for further information regarding insurance coverage changes.

 

 

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