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First Midwest Bank and Deerfield Branches are participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-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.
Under that program, the definition of noninterest-bearing transaction (checking) accounts includes NOW accounts with an interest rate no higher than 0.50 percent (this will lower to .25 percent effective July 1, 2010).
FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013
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