There are distinct requirements for your institution’s home page, as well as where deposits may be received digitally, such as on your website or app. The rule also incorporates provisions regarding Nondeposit Investment Products (or NDIP) that date back to 1995. It must be very clear which types of deposits are insured and which ones are not. We’ll go into detail, and provide examples, of how these new displays must look.
Plus, the events of last year are in our rearview mirror, but customers are increasingly asking whether their deposits are covered by FDIC insurance. Should they move their money to another institution? What happens if there is a failure?
It’s a common misconception that $250,000 in each account is covered; this is reported in the press repeatedly. It’s also a misnomer that each customer has $250,000 of coverage in each institution. So, what is the right answer?
FDIC deposit insurance is calculated by account ownership category, which is defined by FDIC regulations. There are separate categories for individual accounts, joint accounts, and others. Plus, the trust rules will be changing in a few years.
We’ll also go through the FDIC deposit insurance regulations in detail and provide examples, so that customers’ questions can be answered accurately, and they can make appropriate decisions for their situations. These rules impact how accounts are established as well as how they are maintained.
This is a webinar appropriate not only for compliance professionals, but also front-line staff that respond to the many questions customers have about the safety and security of their deposit funds. We’ll provide many examples to see how this all works, and also provide valuable resources so that insurance amounts can be calculated, and the rules detailed.
What You’ll Learn
- New FDIC signage requirement, including digital displays
- Incorporation of the requirements for non-insured products
- Displays on your institution’s homepage and apps
- Interplay between the signage requirement and the official advertising statement
- What types of accounts are covered by the FDIC rules and which are not?
- Determining the Standard Minimum Deposit Insurance Amount (SMDIA)
- General principles: coverage by account ownership category, including examples
- Determining account ownership
- Death of the account owner
- Single accounts, joint accounts, trusts – differing rules
- Trust accounts – revocable and irrevocable, formal and informal
- Retirement account coverage
- Other account types: business, government, and others
Who Should Attend
This webinar is appropriate for anyone in the institution that needs to know the ins and outs of FDIC deposit insurance, including frontline staff that need to respond to customer inquiries. This also includes deposit and operations professionals, new account representatives, call center personnel, compliance officers, auditors, risk management personnel, legal, and anyone else in a position to need to understand how to accurately convey the requirements to customers or others in the institution.