Each depositor is insured up to at least $250,000 by the Federal Deposit Insurance Corporation (FDIC).
By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest bearing transaction account (including IOLTA Accounts) 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 non-interest bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000) for each deposit ownership category.