The Federal Deposit Insurance Corp. will hold a pair of telephone seminars with bankers Dec. 14 and 16 about required coverage for noninterest transaction accounts.
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The Dodd-Frank Act established the temporary, mandatory coverage for all non-interest-bearing checking deposits. Previously the FDIC had made such coverage available to banks through its Transaction Account Guarantee Program, but that program, launched at the height of the crisis in 2008, was voluntary and required fees to participate. The blanket insurance under Dodd-Frank lasts through 2012 and is free.
