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FDIC’s Transaction Account Guarantee Program

Carolina Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. IOLTA accounts (Interest on Lawyers Trust Accounts) and NOW accounts (Negotiable Order of Withdrawal Accounts) with interest rates no higher than 0.50% are also included in the definition of noninterest-bearing transaction accounts for purposes of this program. 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 more detailed information please click here to view a video and/or click here to use an updated FDIC calculator concerning coverage.