FDIC Coverage Information
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.
FDIC Insurance Limits
Grandpoint Bank and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, are the same FDIC-insured institution. Deposits held at Grandpoint Bank, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona are combined when determining the $250,000 federal deposit insurance limit per depositor for each account ownership category.