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FDIC Issues Reminder About Paying Interest on DDAs

Posted on 5/26/2011

The FDIC yesterday reminded banks that if they modify the terms of a demand deposit account on or after July 21 to enable the account to pay interest, the institution must notify affected customers that the account no longer will be eligible for unlimited deposit insurance coverage as a noninterest-bearing transaction account.

The agency sent out the reminder because one provision of the Dodd-Frank Act allows banks to pay interest on demand deposit accounts starting July 21, while another provision provides unlimited deposit insurance for noninterest-bearing transaction accounts through Dec. 31, 2012.

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