Frequently Asked Questions
FDIC Transaction Account Guarantee (TAG)
To give you, our valued customers, peace of mind that your money is safe and secure, Freedom Bank is pleased to announce our participation in the FDIC Transaction Account Guarantee (TAG) Program. If you have further questions, please contact your us at 406-892-1776.
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 (including Freedom Bank) were automatically enrolled for a 30-day period. Freedom Bank is pleased to announce that we will continue our participation in this program after the trial period ends on November 14, 2008.
For more information on the TAG program, please visit the FDIC website.
What are non-interest bearing deposit transaction accounts?
Non-interest bearing deposit transaction accounts are any demand deposit accounts, such as personal or business checking accounts, that do not earn interest.
How does the Transaction Account Guarantee Program affect my insurance coverage on other types of accounts?
The FDIC coverage on non-interest bearing deposit transaction (checking) accounts is over and above the current FDIC coverage of $250,000 per depositor.
Example:
If you have $50,000 in a non-interest bearing deposit transaction (checking) account and $250,000 in a certificate of deposit (CD) at Freedom Bank, the FDIC will insure the entire $300,000.
How can I protect myself from Identity Theft?
For information on how you can protect yourself we reccomend that you
visit the FDIC Website dedicated to educating consumers on how to keep
yourself from becoming a victim.
How have the recent changes to FDIC Insurance affected my coverage?
FDIC deposit insurance has been temporarily increased from $100,000
to $250,000 per depositer through December 31, 2013.
Transaction Account Guarantee Program Disclosure.
Freedom Bank is participating in the FDIC's Transaction Account Guarantee
Program. Under that program, through June 30, 2010, all non-interest-bearing
transaction accounts are fully guaranteed by the FDIC for the enire 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.
I have a business account; How does the Unlawful Internet Gambling Enforcement Act of 2006 affect me?
Transactions restricted by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) are prohibited from being processed through your commercial account with Freedom Bank. This prohibition became/becomes effective on December 1, 2009. Additional information can be obtained by calling Freedom Bank at 406-892-1776.
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