Royal Bank America is participating in the FDIC’s Transaction Account Guarantee Program.
Friday, 07 May 2010
Marc Sanders   
Important Notice to Our Depositors

Royal Bank America is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, 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.   

For purposes of the Transaction Account Guarantee Program, the FDIC is including in the definition of non-interest-bearing transaction accounts:
•    Traditional demand deposit checking accounts that allow for an unlimited number of deposits and withdrawals at any time;
•    Accounts commonly known as Interest on Lawyers Trust Accounts (IOLTAs) and functionally equivalent accounts; and
•    Negotiable order of withdrawal accounts (NOW accounts) with interest rates no higher than 0.50 percent for which the insured depository institution at which the account is held has committed to maintain the interest rate at or below 0.50 percent.  Effective June 30, 2010, this rate will change to 0.25 percent.   Royal’s Super Interest Checking and Personal Interest Checking meet this definition.

Participation in the Transaction Account Guarantee Program is optional.  Royal Bank America has committed to maintaining interest rates on NOW accounts at or below levels necessary to maintain eligibility for account holders in qualifying accounts.
 
Should you have any questions about the Transaction Account Guarantee Program or any other deposit insurance matter, please contact a branch employee.