FDIC: Deposit Insurance for Stored Value Cards

ABA Contact: Cris Naser, 202-663-5332
Published: 69 Federal Register 20558, April 16, 2004
Comments Due: July 15, 2004
Disposition: Filed

FDIC has issued a proposed rule to clarify the meaning of "deposit" with respect to funds underlying stored value cards. The proposal would replace General Counsel's Opinion No. 8 (1996). Since that opinion was issued, the banking industry has developed new types of stored value card systems. As a result, this new section is necessary to provide guidance to the industry and the public as to when funds underlying stored value cards will satisfy the definition of ``deposit'' under the Federal Deposit Insurance Act.

2004 Regulations Chart
Federal Register
Comment Letter