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#1058981 - 10/06/08 06:23 PM FDIC insurance signage
Comply Offline
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Joined: Oct 2003
Posts: 291
Any one know when the new stickers and signage is coming?

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General Discussion
#1058986 - 10/06/08 06:30 PM Re: FDIC insurance signage Comply
Marnie Offline
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Joined: Nov 2007
Posts: 437
Nevada
From the FDIC"

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.

In the near future, FDIC will provide insured institutions with information regarding any changes to the official FDIC sign (teller station signs) and instructions for ordering new official FDIC signs (if changes are made). In the meantime, insured institutions may post the above statement, or affix a sticker with the above statement, next to the official FDIC sign.

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#1084444 - 11/19/08 08:38 PM Re: FDIC insurance signage Marnie
Bankster Offline
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Posts: 440
Midwest
So, we shouldn't be altering the original sign to say $250,000.00, right?
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#1084460 - 11/19/08 08:55 PM Re: FDIC insurance signage Bankster
Skittles Offline
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Joined: Sep 2002
Posts: 13,957
TN
Probably not a good idea. You might have to replace them all after December 2009.
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#1084479 - 11/19/08 09:13 PM Re: FDIC insurance signage Bankster
Reads Regs Offline
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Joined: Nov 2004
Posts: 2,285
You shouldn't alter the sign. The wording Marnie posted above came from an FDIC web site. Here's a link to the page. http://www.fdic.gov/regulations/resources/signage/

It was also addressed in a FIL. http://www.fdic.gov/news/news/financial/2008/fil08102.html

The FDIC FIL had a PDF file attachment that was a one page summary of the deposit insurance changes. The FIL had said you could display this in your branches. We printed it out and put it in a plexi-glass sign holder and placed it near the teller line area and on the counter where we make deposit/withdrawal slips available. The FDIC updated the sign to refer to the unlimited insurance on non-interest bearing transaction accounts for those banks that participate in the temporary liquidity guarantee program.

Here's a link to it. http://www.fdic.gov/anniversary/simplification_document.pdf

The FDIC is meeting this Friday, 11/21 to discuss a final rule for the Temporary Liquidity Guarantee program. The interim rule from 10/23 had a requirement to post a notice about whether your bank is or is not participating in the Transaction Account Guarantee Program regarding non-interest bearing accounts. The interim rule did not include model wording for the notice. Many comment letters were written that asked for the FDIC to provide sample wording. We'll have to see what the final rule contains.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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#1084488 - 11/19/08 09:20 PM Re: FDIC insurance signage Reads Regs
Bankster Offline
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Joined: Aug 2004
Posts: 440
Midwest
Thank you very much!
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#1107104 - 01/07/09 09:40 PM Re: FDIC insurance signage Bankster
Sugar Coater Offline
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Joined: Nov 2006
Posts: 217
LA
My bank is not participating in the TLGP and we have posted the model notice to that effect. Are we still required to have a notice that says:

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
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#1107120 - 01/07/09 09:51 PM Re: FDIC insurance signage Sugar Coater
ktac MITCH Offline
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ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
YES - the following changes are different areas / effects.
1. Change in insurance from 100 to 250 = [Blurb added to existing signage]
2. "Additional Guaranty" under TLGP for non-int bearing accounts (including IOLTA & NOW < .50%) = [New lobby poster required, with model language]
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