(presuming the customer does not have other deposits at the institution).
So, if ABC Company has an account in the trust department and also in the commercial department, are they insured together? Ie. ABC has an MMDA account at the Bank with $200,000 in it. In the trust department, XYZ Bank, in trust for ABC Company, also holds $200,000. Are these each fully insured for the $400,000 total? or is it limited to $250,000?
On titling in the trust department, is that how it should show to ensure pass through insurance? XYZ Bank, in trust for ABC Company...??
And where in Section 24 of the FDI Act does it prohibit pledging bank securities to secure deposits of the trust accounts? I can't seem to locate anything in Section 24. Is this referring to Gov't securites the bank has purchased, or only "bank securites"???? It's Friday and the brain is fried!!!