What are the FDIC disclosure requirements for fiduciary accounts?
The fiduciary nature of the account must be disclosed in the bank’s deposit account records (e.g., “Jane Doe as Custodian for Susie Doe” or “First Real Estate Title Company, Client Escrow Account”). The name and ownership interest of each owner must be ascertainable from the deposit account records of the insured bank or from records maintained by the agent (or by some person or entity that has agreed to maintain records for the agent). Special disclosure rules apply to multi-tiered fiduciary relationships. If an agent pools the deposits of several owners into one account and the disclosure rules are satisfied, the deposits of each owner will be insured as that owner’s deposits. 8. How does the FDIC insure funds deposited by a fiduciary? Funds deposited by a fiduciary on behalf of a person or entity (the owner) are insured as the deposits of the owner if the disclosure requirements for fiduciary accounts are met. 9. Are funds deposited by a fiduciary insured separately from an owner’s
