Defense Credit Union Council (DCUC)’s Post

If you have more than $250,000 in deposits at a bank, you may want to check that all of your money is insured by the federal government. The FDIC, implemented new requirements for deposit insurance for trust accounts starting April 1. Trust account holders you should take a look. #knowledge #trusts #FDIC #wealthplanning

In April, the Federal Deposit Insurance Corporation (FDIC) implemented a final rule to simplify deposit insurance regulations for trust accounts. These changes aim to make the rules easier to understand for both depositors and bankers. Here are the key highlights: https://lnkd.in/e4VBST5Y

In April, the Federal Deposit Insurance Corporation (FDIC) implemented a final rule to simplify deposit insurance regulations for trust accounts. These changes aim to make the rules easier to understand for both depositors and bankers. Here are the key highlights: https://lnkd.in/e4VBST5Y

As an affluent American, it's essential to stay updated on the latest changes affecting your bank deposits. Recently, the Federal Deposit Insurance Corporation (FDIC) implemented new rules that could impact the amount of insurance coverage you have on your trust accounts. Under the new rules, the FDIC will now cap insurance on trust accounts at $1.25 #affluent #Bank #depositors #FDICs #protection #reduces #rule

Our thoughts on the FDIC's recently published NPRM impacting custodial deposit accounts with transactional features. The proposed rules would impose extensive additional requirements that both banks and fintechs who rely on BaaS models should be aware of. Cost of complying with the proposed requirements could be significant... #FDIC #banking #fintech #regulatorycompliance #GTLaw

Syndicate Bank held liable for failing to renew insurance, leading to financial losses for the customer   • Syndicate Bank was found responsible for not renewing insurance on a financed tractor despite receiving the premium, resulting in the customer facing financial losses.   • The customer had paid Rs. 6,000 for insurance, but the bank failed to secure it, leading to an accident and a Motor Accident Claim Tribunal award against the customer.   • The bank argued that it was the customer's responsibility to insure the vehicle, but the Commission highlighted the bank's duty to either insure the tractor or inform the customer of any deficiency in the insurance amount.   • The Commission upheld the State Commission's order, emphasizing the bank's service deficiency and the customer's entitlement to compensation.   #consumercases #syndicatebank #aranlaw

Businesses that want the ultimate protection for their cash reserves have several types of accounts to choose from. Learn the most common types of FDIC insured investments and when to use them in our latest article. #FDIC #businesscash #safety https://lnkd.in/eJEZi3TF

On Oct. 2, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (Proposed Rule) designed to strengthen recordkeeping requirements for custodial deposit accounts with transactional features, like those often used in banking-as-a-service (BaaS) models and other bank-fintech partnerships. The Proposed Rule is intended to ensure the FDIC’s ability to promptly make deposit insurance determinations and, if necessary, pay deposit insurance claims as soon as possible following the failure of an FDIC-insured bank holding such custodial accounts. 📖 Read more in this #GTAlert written by Timothy Butler, Shane Foster, Marina Olman-Pal, Matthew White, and Tessa Cierny: https://buff.ly/3BBQCOK. #FinancialRegulatory #Compliance #FDIC #CustodialAccounts

#PersonalFinance | To ensure that the #money from your #MF investments, bank accounts and term insurance is paid out in phases, similar to a systematic withdrawal plan for MFs, specific legal arrangements need to be made. Got a question? #AskMint

Interesting change to a rule most people likely didn’t realize. It’s worthwhile to review the rules and account titling to be certain you do have the protection you believe you have. The lesson has been learned often that financial conditions for a is an change very quickly and unexpectedly. Remember FDIC insurance doesn’t apply to most investment accounts The reason is your investments are not subject to the general creditors of the custodian that holds your investments, they are yours! So where may these different rules apply to very similar investments? Money Market accounts. If you’re unsure how this all works, make sure you have the conversation with your advisor soon.