As part of the FDIC’s Transaction Account Guarantee program, Community West Bank is now able to provide unlimited deposit insurance coverage for noninterest-bearing transaction accounts, regardless of dollar amount, through Dec. 31, 2009.

These are mainly operating accounts, such as payroll accounts used by businesses, which frequently exceed the current FDIC maximum limit of $250,000. Not all FDIC-insured banks may be participating in the program.

Additionally, the FDIC has temporarily increased the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. Joint accounts with 50/50 ownership are insured up to $500,000.

“As a community bank primarily serving local businesses, we believe our bank’s investment in the FDIC’s new TAG program will help to support our business clients during these difficult economic times,” said Lynda Nahra, Community West Bank president and CEO. “I also encourage individual consumers to take advantage of the new higher FDIC limits that when coupled with Community West Bank’s great rates on CDs and money market accounts offer a solid return on their money.”

Community West Bank has five branches along the Central Coast from Santa Maria, Goleta and Santa Barbara to Ventura and Westlake Village.

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Lynnette Coverly is vice president of marketing for Community West Bank.