As a bank, are we required to sell and redeem US Savings Bonds for non-customers? My supervisor believes we may have to provide this service and that it may be tied to the bank's FDIC insurance coverage. I have searched the FDIC website and couldn't locate any information. The US Treasury website just states that individuals may purchase at "some" banks. This led me to believe that it would be a bank policy vs. requirement to offer this service to non-customers. We are considering revising our risk assessment for this service; not offering it to non-customers.
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.
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?
Do our bank statements need to show the FDIC insurance logo?
The FDIC released an interim ruling on September 26, 2008. It stated that POD accounts would no longer require a qualified beneficiary. Have other banks changed their procedures for POD accounts due to this ruling?
With budgets tightening we want to combine some of our advertisements to get the most for our advertising dollars. We have always advertised loans separate from deposits, as one example, and generally advertised one specific product at a time. As we combine ads, what precautions do we need to take?
Is it true that the $250,000 FDIC insurance amount change is now permanent?
Are there any restrictions for opening money market savings accounts for government organizations?
Will the FDIC recognize an account as a legal POD account if the signature card clearly states it as POD, but the name and address on the statement does not? Either the POD was inadvertently left off of the statement mailing address information or the account was amended to add a POD after opening, but was looked over and wasn't added to the mailing address information?
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?