TAG Act. Chat from MIG Mon. Morning03/19/2012
[COLOR=#330000 !important]9:16 AM [bruceemery] The Transaction Account Guarantee Program Deposits provide the primary source of funding for most banks, and are particularly important for smaller institutions. The TAGP brought stability and confidence to this funding mechanism by removing the risk of loss from accounts that are commonly used to meet payroll and other business transactions purposes, allowing institutions, particularly smaller ones, to retain these accounts and maintain the ability to make loans within their communities.
Through the TAGP, the FDIC initially guaranteed, in full, all domestic noninterest-bearing transaction accounts held at participating banks and thrifts through December 31, 2009. This deadline was extended twice and expired on December 31, 2010. The FDIC charged a fee for the TAGP.
Last year, Congress saw the benefit of this program to small businesses and banks in weathering the economic downturn and, in the Dodd-Frank Act, replaced it with a provision mandating temporary full deposit insurance coverage for all non-interest accounts.
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[COLOR=#330000 !important]foundbetter] FIREPROOF as i have understood it...the funds in the accounts as
of right now will not be protected from devaluation...however BY THE TIME this
rv's....those rv'd funds will be backed mandatorily by the ust and thus
protected from devaluation...
imperium] TAG expired on Dec. 31, 2010 and was replaced by the Dodd-Frank Insurance Provision.
[Precious] ghost the word TAG is not used anymore..that is the difference..it is Dodd Frank
Precious] I found out at my bank
Imperium] The Dodd-Frank Deposit Insurance Provision is the aacount needed.
satmhk7] My WF banker used the word "tag" after I said I wanted a transaction account. I think it's the way they understand it. She left the room to make sure it was under the Dodd-Frank ruling.
[Papa Bear] It allcomes down to talking with your banker so there is NO
Precious] if non interest bearing
Imperium] If you inquire at banks about TAG accounts they won't know what you're talking about because they do not exist.
Precious] correct. there was a 6x8 card n my bankers desk when I opened the account talking about it..look for yourself when you go in
FIREPROOF] if you just make sure you have a non-interest bearing checking account and you ask to make sure it is covered with insurance for an unlimited amount until 12-31-2012 then you should be fine....
[Bald Eagle] Precious That card will be there if they accept those accounts and did not bow out of the program. That's what I was told at my bank anyway For what it's worth.
OKCBULLDOG] Imperium So we just need to ask for a non-interest bearing account to be covered?
Precious] covered by Dodd Frank..sign should be on their desk
[FIREPROOF] i have 6 different accounts with 2 different banks and all are NIB(non int bearing) all have the coverage thru the end of the year....when i discussed this with the WF rep she did a search about Dood-Frank and took that to her Back Office people and they all agreed that it would all be covered. However they new nothing about the new US T-Bills that will be realease soon.
[foundbetter] hey ijust went the US branch of the BANK of India because someone had mentioned that you could get a 10 percent return on your account and it PLAINLY states that:NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.
This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. We do not pay interest in any Checking Accounts. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Account