Transaction Account Guarantee Program -- what is it??

[w¡n9Nµ7 §£@¥€r 123]

What does this mean to me? I am confused!!

-A

Does Bank of America participate in the FDIC's Transaction Account Guarantee Program?

Beginning January 1, 2010 Bank of America will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after December 31, 2009, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.

http://www.bankofamerica.com/deposits/chec...bag=#question26

[웃 910]

I don't think BAC is going anywhere any time soon: http://www.ffiec.gov/nicpubweb/nicweb/Top50form.aspx

[w¡n9Nµ7 §£@¥€r 123]

Once again, you miss the point.

As an account holder, what does this change mean to me? I am sure it means something, I just can't figure out what.

[steve 27]

I think it is double coverage (insurance) on your money that it wont go "poof" if the bank fails. This website seems to go over the major points and Q&A's:

http://www.greatwesternbank.com/transactio...aranteeprogram/