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Some Common Misperceptions About FDIC Insurance
"I speak with lots of people from many walks of life about the US banking system, about the safety of banks and deposit protection. Virtually everyone is generally familiar with FDIC insurance. Federal Deposit Insurance Corp. (FDIC), of course, is an independent agency of the U.S. government that protects depositors against loss of their deposits if their bank or thrift institution fails. The FDIC is backed by the full faith and credit of the U.S. government. All federal credit unions and most state-chartered credit unions are "
"I speak with lots of people from many walks of life about the US banking system, about the safety of banks and deposit protection. Virtually everyone is generally familiar with FDIC insurance. Federal Deposit Insurance Corp. (FDIC), of course, is an independent agency of the U.S. government that protects depositors against loss of their deposits if their bank or thrift institution fails. The FDIC is backed by the full faith and credit of the U.S. government. All federal credit unions and most state-chartered credit unions are "
New FDIC Rules for Trust Accounts Begin Today
"The FDIC has implemented new coverage rules that take effect today and only affect trusts accounts that have over $250,000 deposited at a single bank. FDIC rules had previously permitted a single trust account (such as a payable on death account, revocable trust or irrevocable trust) to have virtually infinite number of beneficiaries, with each beneficiary treated as separately insured and covered to $250,000. While the new rules do not limited the number of beneficiaries in a trust account, the total aggregate coverage of the trust account, regardless of whether "
"The FDIC has implemented new coverage rules that take effect today and only affect trusts accounts that have over $250,000 deposited at a single bank. FDIC rules had previously permitted a single trust account (such as a payable on death account, revocable trust or irrevocable trust) to have virtually infinite number of beneficiaries, with each beneficiary treated as separately insured and covered to $250,000. While the new rules do not limited the number of beneficiaries in a trust account, the total aggregate coverage of the trust account, regardless of whether "
