1. Short title This Act may be cited as the Deposit Security Act . 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 Notwithstanding clause (i), the Corporation shall insure the net amount that any depositor at an insured depository institution maintains in a noninterest-bearing transaction account in an amount not more than $10,000,000. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i). (iii) Opt-out and opt-in (I) Opt-out An insured depository institution may opt out of the insurance described in clause (ii) during the 30-day period beginning on the date on which the program is established. (II) Opt-in An insured depository institution that opts out under subclause (I) may opt into the program every 5 years. (iv) Noninterest-bearing transaction account defined For purposes of this subparagraph, the term noninterest-bearing transaction account means a deposit or account maintained at an insured depository institution— (I) with respect to which interest is neither accrued nor paid; (II) 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; and (III) on which the insured depository institution does not reserve the right to require advance notice of an intended withdrawal.