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Latest Operations - Deposit Insurance Topics

FDIC Deposit Insurance: A Review

05/01/2002

(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.

Joint Accounts With Those Too Young To Know Any Better

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?

FDIC Insurance For Government Entities

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?

What is the the difference between "ITF" and a "POD"?

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.

NextBank, NA Fails

02/07/2002

What Does It Mean for Your Institution?
By Mary Beth Guard

NextBank, NA's Failure: What does it mean for you?

Insurance Of Revocable Trusts

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?

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Sole proprietor changing to LLC

03/09/2025

We have a sole proprietorship DBA account under a Social Security number. The customer now has an LLC with an EIN. Do I need to change the account number or just update the signature card to reflect the LLC as the Primary and remove the DBA on the account?

Merchant credit after final credit from card issuer

03/02/2025

We have seen an uptick in merchant credits for disputed transactions, and these credits areduplicated in the cardholder's account, (the bank's final credit and a merchant credit). My question is, are banks able to reverse merchant credits after the final credit has been supplied to the cardholder?

Using a third-party collector for overdrawn account

03/02/2025

My question is related to checking accounts that go into the negative and are facing potential charge off. I am looking to see what the rules and regulations are in regard to sending negative checking accounts (depending on the amount) to a third-party collector. Is this allowed? I cannot find anything anywhere stating that it is allowed.

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