FDIC Insurance Tab on Bank Website

Answered by:

Question:

Can the temporary unlimited coverage where all funds in non interest bearing transaction accounts are insured in full by the FDIC be located in an FDIC insurance tab on a Bank's website?

Answer:

Yes. In fact, the FDIC has addressed exactly this question in the Disclosure Requirements section of its FAQ on the Dodd-Frank Act's provision for temporary unlimited coverage for non interest-bearing transaction accounts --

29. For IDIs that offer internet banking services, does the entire Dodd-Frank Notice have to appear on the IDI's homepage?

No. The Dodd-Frank Notice on an IDI's website can either be prominently posted in full on the IDI's home page or made available through a link designed to bring attention to the importance of the information. As an example, "Important Disclosure Regarding Deposit Insurance on Noninterest-bearing Transaction Accounts," with a link to the full Dodd-Frank Notice, would be appropriate.

First published on BankersOnline.com 5/21/12