How can an insured depository institution "commit" to maintaining the interest rate on NOW accounts to no more than 0.50 percent through December 31, 2009?

The FDIC's regulations provide that NOW accounts with interest rates no higher than 0.50 percent shall be treated as noninterest-bearing transaction accounts "if the insured depository institution at which the account is held has committed to maintain the interest rate at or below 0.50 percent." The regulations do not prescribe a procedure for making this commitment. Therefore, the Board of Directors or other authorized officials can make the commitment in accordance with the institution's usual procedures for making decisions.

In any event, the commitment or decision should be clear and should be reflected in writing, in the institution's books and records, so that no confusion will exist as to the nature of the commitment. What about NOW accounts with a tiered-rate structure? Or NOW accounts with a fluctuating interest rate?

Will such accounts be covered under the transaction account guarantee program? NOW accounts are not guaranteed under the transaction account guarantee program ... more.

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