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?
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)?
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?
We want to advertise the FDIC insurance increase to $250,000. What do we need to change?
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?
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?
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?
On an individual account with a POD, is the FDIC insurance coverage $100,000 or $200,000?
Many of the assumed name certificates that are brought in will have sole proprietorship and a sole practitioner. What is the difference between a sole proprietor and a sole practitioner?