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Deposit Insurance and ownership types

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Question: 
Can we set the account up as a pay on death just for insurance purposes?
Answer: 

No, if we set the account up it will pay at death. We make sure the customer knows the legal ownership types and what they mean. We don’t just set up accounts for deposit insurance and then not follow our legal binding agreement.

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Learn more about Deborah Crawford’s, Breaking Down FDIC Insurance Myths webinar.

First published on 07/30/2023

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