Effective January 18, 2011 The FDIC approved a final rule to include Interest on Lawyer Trust Accounts (IOLTAs) in the temporary unlimited deposit coverage for noninterest-bearing transaction accounts.

The FDIC's final rule implements the December 29, 2010 amendment to that Act by including IOLTAs within the definition of a "noninterest-bearing transaction account.
Financial institutions offering noninterest-bearing transaction accounts are required to post a prominent notice in the lobbies of their main office and branches no later than February 28, 2011.




Click Here For the Interim Rule of the Temporary Liquidity Guarantee Program issued on January 18, 2011.