Consumer Information Center FDIC Your Insured Deposit Executor,

Your Insured Deposit - Executor, Custodial, and Agent Accounts

38. How are funds deposited by an executor or administrator insured? Funds deposited by an executor or administrator for a deceased person's estate are added to any funds maintained in the name of the deceased. The sum is insured to a maximum of $100,000. All funds belonging to the estate of the deceased, whether held in the name of the deceased or deposited by the executor or administrator for the deceased's estate, are separately insured from funds owned by the executor, administrator, or beneficiary of the estate. 39. How are funds deposited by a guardian, custodian, or similar fiduciary acting on behalf of an individual insured? Funds deposited by a guardian, custodian (whether or not court-appointed), or similar fiduciary are added to any other single ownership funds of the beneficiary and the total is insured up to a maximum of $100,000. The fiduciary relationship must be disclosed in the deposit account records. The details of the fiduciary relationship and the interests of the parties in the account must be ascertainable from the deposit account records of the depository institution or from records maintained in good faith and in the regular course of business by the depositor (or by some person or entity that has agreed to maintain records for the depositor). 40. How are accounts placed by an agent or nominee insured? Funds deposited by an agent or nominee on behalf of an individual or entity (the owner) are added to any other single ownership funds of the actual owner and insured up to $100,000 in the aggregate. If an agent (e.g., a title company or an attorney) is depositing funds on your behalf, you should ask if the agent is depositing the funds in the same institution where you have personally deposited your funds. The agent’s fiduciary capacity must be disclosed in the institution’s deposit account records. The name and ownership interest of each owner in the account must be ascertainable from the deposit account records of the depository institution or from records maintained in good faith and in the regular course of business 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. An agent may pool the funds of several owners into one account. If the disclosure rules are satisfied, the funds of each owner will be separately insured. 41. What is the insurance coverage for joint ownership funds deposited by an agent, nominee, guardian, custodian, or conservator? Funds held by an agent, nominee, guardian, custodian, or conservator on behalf of two or more joint owners will be insured as a joint ownership account. For example, funds deposited by a real estate broker acting as agent for a husband and wife will be insured as the joint ownership funds of the husband and wife.

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