Note: As of October 14, 2008, all non-interest bearing transaction deposit accounts at an FDIC-insured institution, including all personal and business checking deposit accounts that do not earn interest, are fully insured for the entire amount in the deposit account. This unlimited insurance coverage is temporary and will remain in effect for participating institutions until December 31, 2009.
We found the above notice on the FDIC website on October 22nd, 2008. Does a notice posted on a government website have the force of law? We think it would be prudent to look for the statute or regulation.
See also FDIC Press Release dated October 14, 2008