05/24/2010
We have a political entity (527 PAC) that would like to put funds into a fully-FDIC-insured NOW account here in California. Our bank offers the NOW account, but I don't know if its restrictions prevent this type of entity from opening one.
05/10/2010
The FDIC states that for insurance coverage on accounts set up as an informal trust "ITF" or "POD", it is assumed that the beneficiaries will be considered to have equal shares unless otherwise noted. If a financial institution does not provide an option for a customer to specify beneficiaries' interest, and assumes it will be equal, could there be any other liabilities to the institution if there are claims the intent from the owner was different?
03/08/2010
In order for our customers to get the appropriate FDIC coverage for revocable trust accounts, how should an account be titled that has multiple beneficiaries, ssing the word "or", "and" or nothing at all? For example:1) Jane Smith ITF - John Smith, Dave Smith, Paul Smith2) Jane Smith ITF - John Smith, or Dave Smith or Paul Smith 3) Jane Smith ITF - Jane Smith and John Smith and Dave Smith Does it become the bank's responsibility to divide the estate equally between all beneficiaries upon a death?
02/22/2010
A potential customer would like to open an interest bearing oil and gas lease account that has about thirty investors who are the beneficiaries. We will be furnished a copy of the percentages of ownership every thirty days. How do we determine the FDIC insurance and how does the signature card need to be styled?
04/27/2009
Is it true that the $250,000 FDIC insurance amount change is now permanent?
03/23/2009
Is a corporate business account FDIC insured and what are the maximum limits?
02/02/2009
I was in a commercial banking training session and the subject came up about FDIC insurance on interest accounts for a commercial account being covered with a bank. I just wanted to make sure I heard correctly and I believe this is what I heard the trainer say, "if you have commercial account with a bank (not a credit union) earning interest, that account is not covered by the FDIC insurance." Is an Athletic Association the same and are they covered under FDIC insurance for interest earning accounts? Is there a difference if they earn a profit or not? If they are not covered where would I go to get the written proof to show the company?
01/26/2009
If a husband and wife with two beneficiaries have $800,000 are they covered by FDIC for the total deposit?
10/14/2008
10/13/2008
Is it permissible to use the fact that deposits are covered by FDIC insurance prominently in advertising? Can we say something like "FDIC Insured Money Market Accounts" in the headline of the ad?