08/16/2004
All banks I see advertise they are members of the FDIC. Is it the law that a bank be FDIC insured and if not are there any banks that are not? Also is that insurance free for banks?
02/09/2004
We have a customer that wants to set up a money market account with balances way over the insurance limits. He wants us to pledge securities that the bank owns to provide coverage for the amount over the FDIC insurance. We have repo sweep accounts that work that way, but they are not reported as deposits. In addition, we do a daily disclosure to the customer of the securities pledged. I am having problems locating regs pertaining to pledging securities to protect a specific account above the FDIC insurance amount. I feel that it would not be allowed, but need to find where it says that.
06/09/2003
I had a customer asking about FDIC insurance coverage on a business account. Is the coverage the same as on a regular personal account, or are there some differences?
06/09/2003
I am trying to determine the FDIC deposit insurance coverage for an account holder who already has an individual account with a balance of $100k. She has establishing an irrevocable trust for the benefit of her nephew. Does the trust account qualify for up to $100k of FDIC insurance separately from the grantor's individual accounts?
04/21/2003
Can we open a partnership account with the partner being another business? For example: ABC Landings, Ltd. and the name of the partner listed on the resolution is ABC Management?
03/17/2003
We have a customer that has a certificate of deposit in the amount of $100,000. They receive their interest monthly by check. We have had the last four CD interest checks returned with no forwarding address. Can we add the interest checks back into the CD? This would put them over for FDIC insurance. Can we change the interest pay at maturity and stop issuing monthly checks?
12/02/2002
We are going to start putting marketing messages on the phone system that the customer will listen to when they are put on hold. My question is - Can we advertise the Bank, the Investment Center and Insurance Company in the same message? The recorded message will not mention FDIC insurance.
11/25/2002
11/04/2002
Is it mandatory to have "POD" on a Certificate of Deposit or any account on which a beneficiary has been named. In addition,if a "POD" is listed on a "CD" is the bank required to have the named beneficiary sign loan documents if the owner of the CD pledges the account?
06/17/2002
I have a joint account with my husband, and the total balance is $200,000. Is the total balance fully insured, $100,000 each, under FDIC?