When beneficiaries do not have equal interests, the owner's Maximum insurance coverage of Paul's interests =Įxample Multiple types of revocable trust accounts with five Two unique beneficiaries designated in the trust. Paul owns 50% of the living trust, totaling $350,000. Maximum insurance coverage of Lisa's interests = She has three uniqueīeneficiaries between the two trust accounts. Lisa owns 50% of the living trust deposit and 100% of the Trust account with her husband, Paul, with a balance of Lisa is the single owner of one informal trust/POD account Informal revocable trust accounts held by the same owner(s)Īre added together prior to determining coverage.
Insurance coverage for each unique beneficiary. When a revocable trust owner designates five or fewerīeneficiaries, the owner's share of each trust account isĪdded together and the owner receives up to $250,000 in You can submit your inquiry using the FDIC Information and Support Center. We suggest depositors and bankers review the new rules for time deposits with maturities beyond April 1, 2024. The changes are effective April 1, 2024, giving bankers and depositors time to adjust to the new rule, including making any changes to avoid a potential reduction in coverage. You can learn more about the new changes, including for mortgage servicing accounts, by reviewing this fact sheet (PDF). The new rule (PDF) combines the revocable and irrevocable trust account categories into one insurance category, eliminates some complex rules, and utilizes a simple insurance calculation. However, the new rule may reduce coverage for those depositors who have placed more than $1,250,000 per owner in trust deposits at one insured institution. For most trust depositors (those with less than $1,250,000), the FDIC expects the coverage levels to be unchanged. The FDIC approved changes, on January 21, 2022, to the deposit insurance rules for revocable trust accounts (including formal trusts, POD/ITF), irrevocable trust accounts, and mortgage servicing accounts. Mortgage Servicing Accounts Rule Change Effective April 1, 2024Īll the rules discussed in this section are current through March 31, 2024. Revocable and Irrevocable Trust Rule Change Effective April 1, 2024
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