TRANSACTION ACCOUNT GUARANTEE PROGRAM (TAGP)
Asheville Savings Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire 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. A covered noninterest-bearing transaction account includes traditional demand deposit checking accounts, Interest on Lawyers Trust Accounts (IOLTAs), and Negotiable Order of Withdrawal accounts (NOW accounts) with interest rates no higher than 0.25 percent. Interest-bearing money market deposit accounts (MMDAs), The Best Checking Accounts (TBC accounts), not-for-profit checking accounts that pay interest, Health Savings Account (HSA) checking, certificate of deposit accounts and savings accounts are not included in the Temporary Liquidity Guarantee Program. All Asheville Savings Bank deposit accounts are insured for up to $250,000 under the FDIC’s general deposit insurance rules.
