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Notice of Federal Deposit Insurance Corporation Changes April 1, 2024

The Federal Deposit Insurance Corporation (FDIC) is amending its regulations governing deposit insurance coverage for deposits held in connection with trusts. The amendments merge the revocable and irrevocable trust categories into one category, ‘‘trust accounts.’’ Coverage for deposits in this category will be calculated through a simple calculation. Each grantor’s trust deposits will be insured in an amount up to the standard maximum deposit insurance amount (currently $250,000) multiplied by the number of trust beneficiaries, not to exceed five. This, in effect, will limit coverage for a grantor’s trust deposits at each insured depository institution to a total of $1,250,000; in other words, maximum coverage of $250,000 per beneficiary for up to five beneficiaries.

Trusts include informal revocable trusts (commonly referred to as payable-on-death accounts, in-trust-for accounts, or Totten trusts), formal revocable trusts, and irrevocable trusts that do not have an insured depository institution as trustee.

Please contact your local Branch for more information or to make any changes to your account.


Link to FDIC's Deposit Insurance page for more details.

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