Bank of America will no longer participate in the FDIC’s Transaction Account Guarantee Program.
I was just online checking my BofA account and as I do sometimes, just surf the various pages within site and came across the following notification. It kind of surprised and shocked me at the same time.
Can anybody explain what this actually means?
Beginning January 1, 2010 Bank of America will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after December 31, 2009, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.