FDIC and Fiduciary Account Holders with Beneficial Owners
Ensure FDIC protection of your fiduciary ownership accounts.
For deposits that are held in in fiduciary accounts, FDIC coverage passes through to the actual owner of the funds otherwise known as the beneficial owner. However, according to FDIC Part 370, the fiduciary account holders of these accounts are responsible for providing Fifth Third Bank with ownership information for the individual monies that are held so that Fifth Third Bank and the FDIC can appropriately determine insurance coverage.
What happens if you don’t supply account ownership information?
If you don’t supply ownership information regarding beneficiary accounts, you could experience a delay in the receipt of your insured deposit funds if the requisite information was not immediately available in the bank's records.
About Part 370
Recordkeeping for Timely Deposit Insurance Determination, commonly known as Part 370, is a regulation issued by the FDIC that requires large depository institution, including Fifth Third Bank, to complete various steps and gather information to better determine deposit insurance coverage.
What is the FDIC?
The Federal Deposit Insurance Corporation, or FDIC, is a U.S. federal agency that insures deposits against losses when a bank fails. The FDIC insures deposits at Fifth Third Bank. However, the FDIC has other priorities aside from deposit insurance. The FDIC promulgates rules and oversees activities at many banks.
Helpful links about your Part 370 responsibilities
· Learn more at the FDIC Part 370 website
· If you have additional questions, please send an email to [email protected]