The Peoples State Bank is participating in the FDIC’s Transaction Account Guarantee Program

Under the program, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program (TAGP) is in addition to and separate from the $250,000 coverage available under the FDIC's general deposit insurance rules.

How is The Peoples State Bank able to offer unlimited FDIC Insurance?

By participating in the FDIC's voluntary program at its own expense, The Peoples State Bank is able to offer this benefit to its customers.

How does The Peoples State Bank's participation in this program benefit me?

This added coverage will be particularly valuable to small businesses to assure payroll and other operating accounts are fully insured. The Peoples State Bank sees this program as a way to provide extra deposit insurance protection for its customers and ensure your money is safe.

For most of us, our deposits fall within the FDIC's deposit insurance coverage limits. However, if you exceed the limit, simply contact your local The Peoples State Bank branch and ask us how to maximize your FDIC deposit coverage.

Can I receive unlimited FDIC Insurance at The Peoples State Bank?

Yes. All of The Peoples State Bank's non-interest bearing transaction deposit accounts are 100% FDIC-insured for the entire amount in the account through June 30, 2010. Negotiable Order of Withdrawal (NOW) Accounts at The Peoples State Bank are excluded from this additional coverage, but are insured under the general FDIC coverage of $250,000 per depositor.

Is this part of the bailout program?

No. This is not part of the Troubled Assets Relief Program (TARP) bailout program. The Transaction Account Guarantee Program is a voluntary service provided by the FDIC. The Peoples State Bank chose to participate at its own expense to benefit its customers. No taxpayer or "bailout" funds are being used to pay for the additional coverage; this program will be paid for by participating banks.

Is the unlimited FDIC Insurance coverage permanent?

No. The Transaction Account Guarantee Program and new FDIC general deposit insurance coverage limits are temporary programs and will remain in effect until June 30, 2010.

How does FDIC insurance work at The Peoples State Bank?

Deposits at The Peoples State Bank are federally insured by the FDIC up to the maximum legal limits. On October 3, 2008, FDIC general deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. The Peoples State Bank checking, savings, certificates of deposit (CDs), money market accounts, and other interest-bearing deposit accounts, when combined, are now FDIC-insured up to $250,000 per depositor. Joint accounts may be insured up to $250,000 per owner in addition to the $250,000 of insurance available on those same owner's individual accounts.

The FDIC provides separate coverage up to $250,000 for retirement accounts, such as Individual Retirement Accounts (IRAs) and Keoghs.

The Transaction Account Guarantee Program is in addition to and separate from the $250,000 coverage available under the FDIC's general deposit insurance rules.