TRANSACTION ACCOUNT GUARANTY PROGRAM
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Due Diligence Bank Performance Report (re: TAG)

If you have influence over anyone's money (i.e. a community association, a church, any business entity - or your own!), then it is your responsibility to ensure you have made a wise choice of banks. BauerFinancial's Due Diligence Bank Performance Report can help (see sample).

Sample Bank Due Diligence Report

Order Due Diligence Bank Performance Reports

 FDIC's Transaction Account Guarantee Program:

What is TAG? The Transaction Account Guaranty Program, or TAG was originally part of the Temporary Liquidity Guaranty Program (TLGP) of 2008. For the past several years TAG added unlimited deposit insurance coverage to “noninterest-bearing transaction accounts” (like checking accounts) regardless of the balance of the account. One could theoretically have a fully insured $250,000 CD at a bank and also have another $500,000 (or more) at the same bank. As long as it was in a noninterest-bearing checking account, it was also fully insured. TAG, this unlimited coverage on the transaction accounts, is what expired at the end of 2012.

Why is it important?

It means your deposits will be subject to a $250,000 insurance limit regardless of whether they are checking or savings or interest-earning or not. Anything over $250,000, per depositor per bank or credit union, will no longer be federally-insured.

Here are two links to the FDIC’s website that discuss deposit insurance in general and the TAG in particular:

http://fdic.gov/deposit/deposits/changes.html 

http://fdic.gov/deposit/deposits/dis/index.html 

The same basic deposit insurance rules apply to deposits at credit unions which are insured by the National Credit Union Administration.

 
   
   



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