Credit Card Account Changes

The CARD Act and What It Means for You

In 2009, Congress passed and the President signed into law the Credit Card Accountability Responsibility and Disclosure Act (the CARD Act) with the goal of establishing fair and transparent practices relating to the extension of credit under an open end consumer credit plan. Elements of this comprehensive bill have gone into effect in a phased approach since February 22, 2010.

Just what does all this mean for you? Read on to find out.

Contact us to learn more.

For more information about these changes to credit card accounts, contact INTRUST Card Center by e-mail or by phone.

Read about changes affecting checking accounts.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.