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James Ballentine of the American Bankers AssociationCorporate treasurers may need to find new places to park their money come Jan. 1, since it seems less and less likely that Congress will extend the life of unlimited Federal Deposit Insurance Corp. insurance on interest-free checking accounts.

In 2008, in the depths of the financial crisis, the FDIC created the Transaction Account Guarantee (TAG) program to provide such unlimited deposit insurance, largely to protect against bank runs. In 2010, Congress extended the program through the end of this year. Without congressional action, FDIC insurance on these accounts will revert back to the original cap of $250,000 per account as of Jan. 1.

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