The FDIC recently enacted the Transaction Account Guarantee Program which provides unlimited FDIC insurance coverage on funds held in non interest bearing checking accounts, Lawyers Trust Accounts (IOLTAs) and interest bearing checking accounts or Negotiable Order of Withdrawal (NOW) accounts where the Bank has committed to maintain the rate at or below .50% through 12/31/09. The Deposit Account Disclosure specifies that WoodTrust Bank NOW accounts have variable interest rates established by WoodTrust Bank and the bank has not committed to this rate restriction. As a result, only funds in Demand Deposit accounts have unlimited FDIC insurance coverage. Funds held in NOW or Insured Money Market Accounts continue to be insured up to $250,000. As always additional coverage is available under various ownership categories. Please see a Personal Banker for more information.

Excerpt from WoodTrust Q3 2008 Newsletter

Did the Emergency Economic Stabilization Act of 2008 make changes in FDIC coverage limits? Submitted by TJM

ANSWER: Yes, on October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor, through December 31, 2013. There is no need for depositors to apply for, or request, FDIC insurance increases. Coverage is automatic.

Basic FDIC Deposit Insurance Coverage Limits *
Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (two or more persons) $250,000 per co-owner
IRAs and certain other retirement accounts $250,000 per owner
Trust Accounts $250,000 per owner, per beneficiary, subject to specific limitations and requirements

* These deposit insurance coverage limits refer to the total of all deposits that an accountholder(s) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.

For more information visit fdic.gov/edie/