Skip to content
 

Latest Compliance - FDIC Insurance Topics

Ownership Category for Inherited IRA (FDIC)

02/02/2020

We have an IRA beneficiary who has inherited an IRA. She is a non-spouse beneficiary of the original IRA, and has named her spouse and daughter as beneficiaries of her inherited IRA (payout account). When calculating FDIC insurance, what ownership category applies to this inherited IRA, is it considered a "certain retirement account" or a revocable trust account?

Need the Words "Member FDIC" on Google ad?

04/07/2019

Do we need the words "Member FDIC" on our Google ad? When you click on the ad it takes the person to our site that does have the appropriate language. I notice that no other banks have this.

Signature Card Compliance (FDIC)

03/24/2019

We ​need more information about compliance when it comes to signature cards. We use add and remove forms for account owners, signers, and beneficiaries when the owner wants to make changes after opening their account rather than printing a whole new signature card that all account owners would have to re-sign. Are these compliant with FDIC​ requirements​ when it comes to distinguishing what type of insurance coverage they would have?

Member FDIC Required On Overdraft Notices

08/23/2015

Are we required to put Member FDIC on overdraft notices, notice of returned deposit item, etc.? We typically use it as much as possible but in this case like to remove it so that I can use the same notice paper for a non-FDIC insured item - safe deposit boxes and their payment notices.

FDIC Insurance for Revocable Trust

06/10/2013

FDIC insurance-husband has set up a revocable trust, he and his wife are co-ttee (co-trustees) and son is succ/ttee (successor trustee). How much is this account insured for? The wife has similar trust with names reversed and same son as suc/ttee?

FDIC Apply to Beneficiaries for CD Account?

03/11/2013

For a CD account with two owners and three beneficiaries, would FDIC insurance apply only to the co-owners? Or would the FDIC insurance also apply to the beneficiaries as it does in a revocable trust?

Time Limit on Distributing Money for POD

01/28/2013

We have a customer who is POD on her fathers account, but she is telling us that she does not want the money. Is there a time limit on how long a POD account can sit out there even if we have contact with the POD? What recourse does the bank have on distributing the money to the appropriate POD? I know that FDIC insurance lapses 6 months after the death of the owner.

Pages

Premium Content View All

Regulatory Coverage of Stored Value Cards

Question: My concern about Stored Value Cards is to actually name all the regulations affecting this consumer product.

A Crisis of Financial Ignorance

During the mortgage meltdown and the related drama in the stock market, several things have become quite clear.

Pages

Most Popular Compliance Content

Misleading Collection Scripts Cost Financial Institution $28.5 Million

10/18/2020

In its $28.5 million settlement with Navy Federal Credit Union (NFCU), the Consumer Financial Protection Bureau (CFPB) stated that NFCU's collection letters contained material misrepresentations – or unfair or deceptive abusive acts or practices – that were likely to mislead consumers; how did NFCU's templates violate UDAAP?

Add Bank Fees Paid in Cash to CTR?

10/18/2020

Should bank fees (Cashier Check purchase fee of $6.00) paid by the customer in cash, be added to their current CTR? If so, would the bank be the benefactor and the customer the transactor?

How to Complete a CTR for Local Diocese

10/18/2020

A question came up during a recent audit in regards to how a CTR would be completed for a local Diocese. This particular Diocese has a few different churches using the same EIN. Our system recognizes large currency transactions that we compare to see if a CTR was completed. My question is, would a CTR be filed on that specific church when deposits of cash are over $10k, or on the Diocese?

Lobby Advertising

10/11/2020

We often have lobby posters advertising products, services, benefits like trips on a discounted price and others things on display so staff can answer questions on these and to promote these items. Do they require the general FDIC advertising statement>

Pages

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics

Compliance Topics