1. Short title This Act may be cited as the Depositor Protection Act of 2023 . 2. Transaction account guarantees (a) In general 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: (ii) Insurance for noninterest-bearing transaction accounts (I) In general Notwithstanding clause (i), and subject to subclause (II) of this clause, the Corporation shall insure the net amount, in an amount that is not more than $100,000,000, that any depositor at an insured depository institution maintains in a noninterest-bearing transaction account. Such amount shall not be taken into account when computing the net amount due to such depositor under clause (i). (II) Ability of certain insured depository institutions to opt-out (aa) In general An insured depository institution that has less than $250,000,000,000 in total consolidated assets may elect not to participate with respect to the increased amount of insurance made available under subclause (I). (bb) Limitation on assessment of fee The Corporation may not assess a fee on any insured depository institution that elects not to participate with respect to the increased amount of insurance made available under subclause (I). (III) Definition In this clause, 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