On August 10, 2010, the FDIC Board of Directors adopted the final rule amending its insurance regulations to conform with provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which permanently increased the Standard Maximum Deposit Insurance Amount (SMDIA) from $100,000 to $250,000. This permanent increase in the SMDIA became effective July 22, 2010.
Banner Bank is also a participant in the FDIC’s Transaction Account Guarantee Program. Between October 14, 2008, and December 31, 2010, all depositors’ funds held in a non-interest bearing transaction account are insured in full by the FDIC. The unlimited coverage applies to all personal and business checking deposit accounts that do not earn interest, NOW accounts that cannot earn more than 0.25% interest, and IOLTA accounts. This FDIC insurance coverage is in addition to any other FDIC deposit insurance available to our depositors.
If you have questions about FDIC coverage limits and requirements, please visit the FDIC Deposit Insurance Web site, call toll-free 1-877-ASK-FDIC or contact any Banner Bank branch or call us toll-free 1-800-272-9933 during business hours.