The FDIC proposal to amend Part 330 ("Deposit Insurance Coverage") was published in the Federal Register. Part 330 requires an account to be "separately insured as a joint account." Comments must be submitted to the FDIC by May 6, 2019.
As previously covered, the proposal would supply an alternative method for meeting the "signature card" requirement. Specifically, the proposal would permit the signature card requirement to be met with information, contained in the deposit account records of the insured depository institution, "establishing co-ownership of the deposit account."
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
