Does the FDIC insure safe deposit boxes if a bank fails?
The FDIC does not insure safe deposit boxes or their contents. In the event of a bank failure, the FDIC in most cases arranges for an acquiring bank to take over the failed bank’s offices, including locations with safe deposit boxes. If no acquirer is found, box holders would be sent instructions for removing the contents of their boxes. How does the FDIC determine ownership of deposits? The FDIC presumes that deposits are owned as shown on the deposit account records of the insured bank. The deposit account records of an insured bank include account ledgers, signature cards, certificates of deposit, passbooks, and certain computer records. Account statements, deposit slips and cancelled checks are not considered deposit account records for purposes of determining deposit insurance coverage. When an insured bank fails, what evidence will the FDIC require to determine the amount of insurance coverage for a living trust account? If an insured bank fails, the FDIC would look to the accoun
