1. Short title This Act may be cited as the Payroll Account Guarantee Act of 2023 . 2. Insurance of transaction accounts (a) Banks and savings associations Section 11(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1) ) is amended— (1) in subparagraph (B)— (A) by striking The net amount and inserting the following: (i) In general Subject to clause (ii), the net amount ; and (B) by adding at the end the following new clauses: (ii) Insurance for noninterest-bearing transaction accounts (I) Definition For purposes of this subparagraph, the term noninterest-bearing transaction account means a deposit or account maintained at an insured depository institution— (aa) with respect to which interest is neither accrued nor paid; (bb) on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawal, telephone or other electronic media transfers, or other similar items for the purpose of making payments or transfers to third parties or others