04/01/2002
Can a parent sign a signature card for a minor child if the child is too young to sign for themselves in order to create a joint account? I've read the FDIC info, which states that "all joint owners must sign a signature card" to be insured in that category. Are minors an exception to this?
03/04/2002
A government entity has 5 savings passbook accounts with my institution. Each account has a separate name (e.g., ABC Project I, ABC Project II, ABC Project III, etc.) The government entity is named as the trustee for each of the accounts. And each account has the same tax identification number. My question is this: Are each of these accounts insurable by FDIC for $100,000.00?
03/04/2002
What is the the difference between "ITF" and a "POD"? I was always trained that the difference is in title only. The conditions are the same. No signing authority and may pay-out on the death of the accountholder.
02/04/2002
Does the existence of a non-qualifying beneficiary negate the deposit insurance coverage of the interests of other qualifiying beneficiaries in a "living trust?" For example, a portion of the funds are to go to a charity, with the balance to the grantors children. Let's say the revocable trust agreement calls for $20,000 to go to a charity with $100,000 to each of two children. Will the portion of the funds for the two children be insured under the revocable trust rules, even though the $20,000 is to a non-qualified beneficiary?