A little known clause in the gigantic Dodd-Frank financial reform bill went into effect January 1st. All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.
This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules...
Say what? It seems that the designers assume another financial crisis is looming and they want to make sure that the taxpayers will be on the hook for the potential billions in private bank losses.
Link:
http://www.activistpost.com/2011/01/elite-now-have-unlimited-fdic-coverage.html#more
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