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FDIC: Deposit Insurance Regulations; Revocable Trust Accounts

ABA Contact: Cris Naser; (202) 663-5332
Published: 73 Federal Register 56706; September 30, 2008
Comments due: December 1, 2008
Disposition: Filed

Summary

The FDIC is adopting an interim rule to simplify and modernize its deposit insurance rules for revocable trust accounts. Under the new rules, a trust account owner with up to five different beneficiaries named in all his or her revocable trust accounts at one FDIC insured institution will be insured up to $100,000 per beneficiary. Revocable trust account owners with more than $500,000 and more than five different beneficiaries named in the trust(s) will be insured for the greater of either: $500,000 or the aggregate amount of all the beneficiaries' interests in the trust(s), limited to $100,000 per beneficiary.