Alert August 24, 2010

FDIC Approves Pilot Program for Electronic Deposit Accounts

The FDIC approved a pilot program designed to help meet the needs of underserved communities through participating banks offering electronic deposit accounts with product features identified in the FDIC Model Safe Accounts Template. These accounts will have "reasonable rates and fees that are proportional to their cost" and banks offering these accounts will not be allowed to charge fees for insufficient funds or overdrafts on participating accounts. The FDIC is accepting applications for the program through September 15, 2010. Click here for the related press release and here for more information on the FDIC Model Safe Accounts Template.