What if the interest rate on NOW accounts cannot be lowered to 0.50 percent without amending the deposit contract between the insured depository institution and the depositor?

The FDIC's regulations provide that "a NOW account with an interest rate above 0.50 percent as of November 21, 2008, may be treated as a noninterest-bearing transaction account if the insured depository institution at which the account is held reduces the interest rate on that account to 0.50 percent or lower before January 1, 2009, and commits to maintain that interest rate at no more than 0.50 percent at all times through June 30, 2010 or December 31, 2009 for those institutions that opt out of the extension." The FDIC's regulations do not set forth a procedure for reducing interest rates. Rather, the FDIC contemplates that the insured depository institution will proceed in accordance with the terms of its deposit contracts and applicable law, including Regulation DD (Truth in Savings), 12 C.F.R. Part 230.

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