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?
02/02/2009
FIL-102-2008 shows that government accounts are now temporarily covered to $250,000 per official custodian. Does that mean that each elected official has an individual $250,000 coverage? How do you define official custodian?
01/26/2009
FDIC rules allow corporations/LLCs to hold funds for others as custodians and allows each of their owners/principals to be covered by the $100,000 FDIC insurance. How should the account be set up and what should we have on file for all the custodial clients for it to be insured? How should the account read when our customer is a payroll company (custodian)?
12/15/2008
If a non-bank call center wants to inform customers of an FDIC insured product their affiliate bank offers, and they do it verbally, is it considered an ad? This is part of the script: "I would like to let you know that ABCD Bank has several choices to allow you to secure your savings with full FDIC insurance protection and still get industry leading rates. For example, the current APY for a 12-month CD is ***%." Must they state the minimum amount and penalty for early withdrawal because of this trigger term or are they ok since they are not a bank?
11/24/2008
We want to advertise the FDIC insurance increase to $250,000. What do we need to change?
11/10/2008
What is the proper way to set up a sole proprietor account when the sole proprietor provides a TIN? Should it be set up as a DBA or simply under the business name?
10/20/2008
In order for a payable on death account styling to qualify for FDIC insurance as a testamentary account, must the title of the account contain the payable on death or POD wording or can the account agreement specify that it is a POD with a named beneficiary?
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?
11/05/2007
On an individual account with a POD, is the FDIC insurance coverage $100,000 or $200,000?