Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to insure noninterest-bearing transaction accounts.

The Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts. It defines these accounts as those where interest is not accrued or paid, and depositors can make withdrawals without advance notice. The Federal Deposit Insurance Corporation will insure these accounts, with a maximum limit of $5,000,000, and will issue a rule to establish the maximum amount. The Act also mandates a plan for gradually increasing the portion of insured deposits, reaching 100 percent in 10 years.

Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to insure noninterest-bearing transaction accounts.

The Main Street Depositor Protection Act amends the Federal Deposit Insurance Act to provide deposit insurance for noninterest-bearing transaction accounts. It defines these accounts as those where interest is not accrued or paid, and depositors can make withdrawals without advance notice. The Federal Deposit Insurance Corporation will insure these accounts, with a maximum limit of $5,000,000, and will issue a rule to establish the maximum amount. The Act also mandates a plan for gradually increasing the portion of insured deposits, reaching 100 percent in 10 years.