FDIC Insurance Coverage
The standard insurance amount is currently $250,000 per insured depositor and is in effect through December 31, 2013. Under current regulations, on January 1, 2014 the standard insurance amount will return to $100,000 per insured depositor for all account categories except IRAs and certain other retirement accounts, which will remain at $250,000 per insured depositor.
Temporary Liquidity Guarantee Program
Sterling Bank has chosen to participate in the transaction account guarantee component of the FDIC Temporary Liquidity Guarantee Program. Under this program, all non-interest bearing transaction deposit accounts, including all personal and business checking deposit accounts that do not earn interest, are fully guaranteed by the FDIC for the entire amount in the deposit 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.
This unlimited insurance coverage is temporary and will remain in effect through December 31st, 2010.
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