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Bank Deposit Program
Available cash balances are swept automatically into interest-bearing, FDIC-insured deposit accounts at up to three Citigroup-affiliated banks.
Increase in FDIC Insurance Limits
The FDIC temporarily increased deposit insurance coverage from $100,000 to $250,000 per depositor through December 31, 2013.
Detailed information on federal deposit insurance coverage can be found on the FDIC's Web site. For more information about the Bank Deposit Program, including Deposit Limits, please contact your Financial Advisoradvisor or review the Bank Deposit Program Disclosure Statement (PDF).
Transaction Account Guarantee Program
Beginning January 1, 2010, Citibank (South Dakota) N.A., Citicorp Trust FSB and Citibank N.A. (the “Program Banks”) will no longer participate in the FDIC's Transaction Account Guarantee Program (“TAGP”). Thus, after December 31, 2009, funds held in noninterest-bearing transaction accounts, and certain NOW and linked MMDA accounts with interest rates at or below 0.50%, will no longer be guaranteed in full under the TAGP, but will be insured up to $250,000 under the FDIC's general deposit rules.
Certain clients who participate in Morgan Stanley Smith Barney's Bank Deposit Program were eligible to enroll their deposits at the Program Banks in the TAGP. The interest rates for these deposits will revert to their generally applicable Bank Deposit Program rates on January 4, 2010 and, as indicated above, standard FDIC limits will apply.
Please visit the FDIC's Web site for more information.
*The Program Banks are FDIC members. Morgan Stanley Smith Barney LLC (“Morgan Stanley Smith Barney”) and Citigroup Global Markets Inc. (“CGMI”) are registered broker-dealers, not banks. Morgan Stanley Smith Barney and the Program Banks are affiliates. Unless specifically disclosed to you in writing, other investments and services offered to you through Morgan Stanley Smith Barney and CGMI are not insured by the FDIC, are not deposits of or other obligations of, or guaranteed by, the Program Banks and involve investment risks, including possible loss of principal amount invested.
For more information, please contact your Financial Advisor.