Does Mercantile Bank participate in the FDIC’s Transaction Account Guarantee Program?
Yes, Mercantile Bank, a division of Carolina First Bank, is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all “noninterest-bearing transaction accounts” are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. A “noninterest-bearing transaction account” is defined as a noninterest-bearing transaction account and on which the insured bank does not reserve the right to require advance notice of an intended withdrawal. It also includes IOLTA and IOTA accounts as well as NOW accounts that are contractually structured to have interest rates no higher than 0.50% through June 30, 2010, and no higher than 0.25% after June 30, 2010. Exception to Coverage: Funds that are swept to accounts not qualifying for the unlimited coverage (for example, an inter
