Savoy Bank, New York, July 22, 2010
The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount (SMDIA) of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.
Savoy Bank, New York, January 1, 2010
FDIC TRANSACTION ACCOUNT GUARANTEE PROGRAM (TAGP)
“Savoy bank is not participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest-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.” [12CFR370.5(h)(4)(i)
The FDIC extended its temporary Transaction Account Guarantee Program through June 30,2010. This program provides depositors with unlimited coverage for noninterest-bearing transaction accounts at participating FDIC-insured institutions. The unlimited coverage applies to all personal and business checking deposit accounts that do not earn interest (including Demand Deposit (DDA) accounts), low-interest Now accounts (NOW accounts that cannot earn more than 0.5% interest), Official items. And IOLTA accounts.
Savoy Bank, New York, May 21, 2009
Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)
Savoy Bank, New York, October 3, 2008
FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
Savoy Bank, New York, March 1, 2008
Savoy Bank’s Remote Deposit Capture service provides immediate deposit and next-
day availability of funds. Clients can deposit checks from their own offices
avoiding a trip to the Bank.
Savoy Bank, New York, January 15, 2008
Savoy Bank opens doors after receiving approvals from the New York State
Banking Department and the Federal Deposit Insurance Corporation (FDIC)
