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News & Press Releaes<< Back to News / Press Release Index Transaction Account Guarantee ProgramThe federal deposit insurance on funds on deposit at Sunwest Bank, including funds in Sweep Accounts, will be the maximum amount allowed by law for all deposits held at Bank in the same legal ownership category, as adjusted by the FDIC from time to time. Sunwest Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. Noninterest-bearing transaction accountholders, with a transfer or sweep arrangement to an interest-bearing transaction account, are advised that such arrangements will void the FDIC’s transaction account guarantee with respect to the swept, transferred, or reclassified funds. |
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