What is the Transaction Account Guarantee (TAG) Program?

On October 14, 2008, the FDIC announced its new Transaction Account Guarantee (TAG) Program as part of the Temporary Liquidity Guarantee Program.

The TAG program guarantees full deposit insurance coverage of non-interest bearing deposit transaction accounts, regardless of the dollar amount. All FDIC-insured institutions were automatically enrolled for a 30-day period. American Eagle Bank of Chicago pays interest on most of our deposit products, and these deposits are not part of the TAG program.

For more information on the TAG program, please visit the FDIC website http://www.fdic.gov/deposit/deposits/changes.html
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How much are my accounts insured for by the FDIC?
All customers are insured to a minimum of $250,000. Different account categories are insured separately, so you can have a minimum of $250,000 FDIC insurance on an account you own solely, an account you own jointly, and an IRA account – for a total of $750,000! Plus, if you have beneficiaries on non-IRA accounts, those accounts may qualify for an additional $250,000 in FDIC insurance per beneficiary.

There are many opportunities to exceed the minimum coverage and our personal bankers will be more than happy to review your accounts and FDIC insurance limits.

What are non-interest bearing deposit transaction accounts?
Non-interest bearing deposit transaction accounts are checking accounts that do not earn interest. These accounts include FREEdom Business Checking, Business Checking with Account Analysis, and FREEdom personal checking accounts. All other deposit accounts at our bank pay interest when account terms are met.