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#1057466 - 10/03/08 01:32 PM FDIC - Trust Account Beneficiary
LiveFromNYC Offline
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Joined: Nov 2004
Posts: 101
Perhaps you can add some clarity to the 9/26/08 FDIC Press Release which states that "The interim rules, which are effective immediately, eliminate the concept of qualifying beneficiaries, so that coverage is based on the naming of virtually any beneficiary".

I follow the concepts being discussed but where I'm confused is by the choice of wording; specifically "interim" vs "effective immediately". Intuitively, I take interim to suggest some sort of temporary condition that is subject to change but effective immediately has the feel of a more permanent rule.

Should we proceed (revise disclsoure) to indicate that a named beneficiary need not conform to the previous qualifying relationship requirements in order to be eligible for FDIC coverage?

I would appreciate your thoughts.

Thanks

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#1057992 - 10/03/08 06:11 PM Re: FDIC - Trust Account Beneficiary LiveFromNYC
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,348
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The rule is in effect so the term "qualified beneficiary" is moot.

You might point your attention here. http://www.bankersonline.com/forum/ubbth...e=1#Post1051612
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