Interest bearing checking accts not FDIC insured
**************UNVERIFIED*************** If your bank account pays interest on your checking ("transaction") account, under the NEW TEMPORARY LAWS ("FDIC Transaction Guarantee Program"), the FDIC IS NOT covering your account if your bank fails. This refers to a REGULAR CHECKING ACCOUNT, not a money market account; however, if you have a N.O.W. checking account (Negotiable Order of Withdrawal), and if the interest rate does not exceed .50%, then your account is covered under FDIC. (So if your bank increases the interest rate above .50%, your account is no longer covered.) There's much more....like if you have a savings account that is linked...
Original Article: Forum: News/Activism
Tags: Bearing, Checking Account, Exceed, Fdic Insured, Guarantee Program, Interest Checking, Interest Rate, Money Market Account, Savings Account, Unverified