FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi Sample Clauses

FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi. Tiered Fiduciary Relationships To ensure that your Program Deposits are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership. In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; among other types of accounts. The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330. The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the standard maximum deposit insurance amount (SMDIA) (currently $250,000 for each FDIC- recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Deposits are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements. For questions about FDIC insurance coverage, you may call the FDIC at 000-000-0000 or visit the FDIC’s web site at xxx.xxxx.xxx. You also may wish to utilize “XXXX The Estimator,” the FDIC’s electronic insurance calculation program, which is found at xxxxx://xxx.xxxx.xxx/xxxx/index.html. Other information regarding FDIC insurance coverage may be found at the “Deposit Insurance” section of the “Quick Links for C...