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Transaction Account Guarantee Program

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.The FDIC fully guarantees all NexTier Bank non interest-bearing transaction accounts for the entire amount in the account.

The Transaction Account Guarantee Program is optional in terms of whether or not banks choose to participate. NexTier Bank has chosen to participate to make sure our customers are provided the utmost protection and security even though we are safe, sound and secure. 

The original date set for TAGP to expire was 12/31/09, but the FDIC extended the TAGP until June 30, 2010.*  This program fully guarantees all non interest-bearing transaction accounts by the FDIC for the entire amount in the account through this date. 

About FDIC Deposit Insurance Coverage

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects against the loss of insured deposits if an FDIC-insured bank or savings
association fails. FDIC deposit insurance is backed by the full faith and credit of the United States
government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-
insured funds.

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic. FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

Basic FDIC Deposit Insurance Coverage Limits**

To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts. On May 20, 2009, the temporary increase to $250,000 per depositor was extended through December 13, 2013.

Questions about FDIC coverage limits and requirements?

* The legislation authorizing the increase in deposit insurance coverage limits makes the change effective through June 30, 2010.

** These deposit insurance coverage limits refer to the total of all deposits that an account holder (or account holders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.