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Notice of Expiration of Temporary Full FDIC Insurance Coverage for Noninterest-Bearing Transaction Accounts

By operation of federal law, beginning January 1, 2013, funds deposited in a non interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.


What is the FDIC insurance limit?
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.


Depositors may qualify for more coverage if they have funds in different account ownership categories and all FDIC requirements are met.


To learn more, contact the FDIC toll-free at (877) ASK-FDIC (877-275-3342) or visit the FDIC website.


What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.


What does the FDIC insure?
The FDIC guarantees all traditional types of deposit accounts (checking, savings, money market savings and CDs) and bank individual retirement accounts (IRAs). Investment products (mutual funds, annuities, life insurance policies, stocks and bonds) are not FDIC insured, may lose value, and are not bank guaranteed.


Where can I get more information about FDIC insurance?
You may visit our offices to obtain a copy of the "FDIC - Your Insured Deposits" brochure. You may also call the FDIC at (877) ASK-FDIC (877-275-3342) or visit their website at


Please contact West View Savings Bank at (412) 364-1911 if you have questions.

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