1. What is a single account?
   A single (or individual) account is an account owned by one person. Such accounts include those in the owner's name alone; those established for the benefit of the owner by agents, nominees, guardians, custodians, or conservators; and those established by a business that is a sole proprietorship.



2. How are single accounts insured?
   All single accounts established by, or for the benefit of, the same person are added together. The total is insured up to a maximum of $100,000, including principal and interest.
   
   

   Example of Insurance Coverage for Single Accounts
   Depositor	Type of Deposit	Amount Deposited
   Jane Smith	Savings account	$25,000
   Jane Smith	Certificate of Deposit	100,000
   Jane Smith	NOW account	25,000
   Jane Smith's sole proprietorship	Checking account	25,000
   Total Deposited		175,000
   Insurance Available		100,000
   Uninsured Amount		$75,000



3. What are Fiduciary Accounts?
   Fiduciary accounts are funds deposited on behalf of an individual by a trustee, agent, nominee, guardian, custodian, or executor. Specific account examples include:
   
   • escrow
   • broker
   • attorney trust (IOLTA)
   • title company, and
   • Uniform Transfer to Minor Act
   
   
4. What is the Uniform Transfer to Minor Act and how are funds insured?
   The Uniform Transfer to Minor Act is a state law that allows an adult to make a gift to a minor. Funds given to a minor by this method are held in the name of a custodian for the minor's benefit. Funds deposited for the minor's benefit under the Act are added to any other single accounts of the minor, and the total is insured up to a maximum of $100,000.



5. What are the disclosure requirements for fiduciary accounts?
   The deposit account records must specifically disclose the existence of any fiduciary relationship (e.g., trustee, agent, nominee, guardian, executor, custodian, or conservator). Also, the details of the fiduciary relationship and the interests of the parties in the account must be ascertainable one of two ways: either 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.



6. Would funds deposited with a fiduciary be insured separately from the owner(s)' other account?
   Funds deposited by a fiduciary on behalf of one or more persons or entities (the owner) would be added to any other deposits of the owner (or owners) at the same insured bank and the total would be subject to the insurance limit for the applicable ownership category. For example: A broker purchases a CD for $100,000 on a depositor's behalf at ABC Bank in their name alone and they already have a checking account in their name alone at that same bank for $15,000. The two accounts would be added together and insured up to a total of $100,000 in the single ownership account category, with $15,000 uninsured.



7. How are sole proprietorship accounts insured?
   These are funds deposited by an unincorporated business, in contrast to a business that is incorporated or owned by a partnership. Deposit accounts owned by a sole proprietor are insured as the single funds of the person who owns the business. So, if an individual has an account in his name alone and another account in the name of his sole proprietorship, the balances in those accounts would be combined and insured to a limit of $100,000 in the single account category.



8. How are decedent estate accounts insured?
   These are funds deposited by an executor or administrator for the estate of a deceased person. These accounts are insured up to $100,000 as the single account funds of the deceased person. This coverage limit would include any other funds maintained in the name of the deceased individual. It is important to note that coverage is not provided on a per-beneficiary basis. So, even though there might be multiple beneficiaries of the decedent's estate, the account established for the estate would not be insured for more than $100,000. The funds are, however, insured separately from the personal funds of the executor or administrator.



9. What is the deposit insurance coverage for an account where we have a signature card titled in one name, but two signers?
   The FDIC would look to the bank's records to determine the actual ownership of the account. If the account signature card indicates that one of the signers is merely an authorized signer but not an owner -- that is, the individual signs for the convenience of the one and only owner -- the FDIC would treat the account as a single account belonging to the owner. We would not treat it as a joint account.
   
   There's a legal rule that the FDIC is entitled to rely on the bank's records in paying deposit insurance after a bank fails. The basic rule is whatever the records reflect, that's what the FDIC is going to rely on -- that's how the FDIC will classify the account. If for some reason the bank's records are inconsistent, the FDIC will investigate and try to reconcile any discrepancies in the bank's records. But if there is no discrepancy, if the bank's records say it's a single account, that's it. It will be treated as a single account. The best thing for the depositor is to confirm with the bank that any requested changes have been completed.

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