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#1597158 - 08/26/11 05:38 PM Corporation Depsit Insurance
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
Are Corporations with non-interest bearing accounts insured up to $250,000 or is it unlimited? I am finding one site that says they are and another that says they are not.

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#1597179 - 08/26/11 05:55 PM Re: Corporation Depsit Insurance Tessie
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
All non-interest bearing accounts have unlimited insurance until December 31, 2012. The key is that the account is NON-INTEREST bearing. If you open an interest-bearing account for a Corporate, which you are allowed to due with the repeal of Reg Q, then that account is limited to $250,000 insurance.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1597215 - 08/26/11 06:29 PM Re: Corporation Depsit Insurance Doug Hendrickson
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
Do you have to be a TAG Bank for them to have unlimited insurance?

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#1597230 - 08/26/11 06:33 PM Re: Corporation Depsit Insurance Tessie
cbinder63 Offline

Platinum Poster
cbinder63
Joined: Dec 2001
Posts: 674
Colorado
The TAG program no longer exists.
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Opinions expressed are my own.

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#1597265 - 08/26/11 06:56 PM Re: Corporation Depsit Insurance cbinder63
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
You should also be displaying the "NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS" that explains this temporary change in coverage to the customer.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1597516 - 08/28/11 10:02 PM Re: Corporation Depsit Insurance Doug Hendrickson
RayLynch Offline
Platinum Poster
RayLynch
Joined: Oct 2003
Posts: 544
The unlimited insurance coverage period for non-interest bearing transaction accounts (and IOLTA accounts) goes through December 31, 2012 - not until December 31, 2012.

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#1597518 - 08/28/11 10:17 PM Re: Corporation Depsit Insurance RayLynch
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,355
Galveston, TX
Man, compliance people sure can be picky smile
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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