Notice
Fairfield Federal is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 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.
For Business Checking Accounts, if funds are swept to an account that is not guaranteed under the FDIC's Transaction Account Guarantee Program, such a sweep will void the FDIC's guarantee with respect to the swept funds. That is, funds swept from a noninterest-bearing transaction account into an interest-bearing account, usually on an overnight basis, will be insured under normal FDIC insurance of account rules while those funds are in the interest-bearing account.
At Fairfield Federal a "noninterest-bearing transaction account" is a Type 60 Personal Checking Account, a Type 61 Free Checking Account and a Type 65 Business Checking Account. Type 60 checking accounts are included in the FDIC's Transaction Account Guarantee Program because Fairfield Federal has committed to maintain the interest rate at or below 0.50 percent at all times through June 30, 2010. Type 61 and Type 65 Accounts do not pay interest.
FDIC Regulations: 12 CFR §§ 370.2, 370.4, and 370.5. Issued November 21, 2008, effective November 21, 2008, and admended August 26, 2009.
As required by § 370.5(h)(3) this Notice was posted in the lobby of Fairfield Federal's main office and each branch on November 28, 2008, and admended September 3, 2009.
Equal Housing Lender