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Deposit Broker's Processing Guide

Affidavits and Declarations in Printable Format

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Checklist

The Submission Checklist is one of the items that must accompany your information package.

View Submission Checklist

How to Contact Us:

Contact BD Claims

Shelia Lollie
(972) 761-8385

Ehren Stewart
(972) 761-2314

Jake Meyer
(972) 761-8580

Deliveries

For overnight packages, please use the following address:

Federal Deposit Insurance Corporation
Attention: Shelia Lollie
600 North Pearl, Suite 700
Dallas, TX 75201

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In order for the Federal Deposit Insurance Corporation to pay insurance on your accounts at the failed institution, the following Affidavits and Declarations must be completed, as applicable. Generally, an affidavit and/or declaration is required when an investor's deposits total or exceed $250,000 in the aggregate.

Affidavit of Agency Account

The Affidavit of Agency Account is required from every broker (including ALL sub-tier brokers) and also requires two (2) attachments (i.e., an Exhibit A and Exhibit B). Below are the specifics for all three:

Affidavit of Agency Account

  • Attach a copy of your standard form of agency agreement, OR
  • Attach other written documentation to support the agency relationship if no standard form of agency is used (i.e., account setup sheet). Include the account setup sheet on all deposits $250,000 or greater in the aggregate.
  • The second page requires two (2) notarized signatures.
    • The first signer is generally an officer who is knowledgeable about all facts disclosed or addressed in the Affidavit. This Officer affirms that all statements are correct and that the information contains no omissions.
    • The second signer is the Secretary or Assistant Secretary, who certifies that the undersigned has the authority to execute the Affidavit and other documents on behalf of the Agent.
    • The signatures are then notarized. In place of a Notary, a Medallion Signature Guarantee stamp may be used.
    • The firm’s tax identification number must also be included on this form.

Exhibit A (page 3 of the Affidavit of Agency Account form)

  • This exhibit represents the customer ownership list and their interest (principal only) in the accounts as of the institution’s failure.
  • You may also reference that the ownership information is included on the enclosed electronic format.

Exhibit B (discussed in Paragraph 3 of the Affidavit of Agency Account form)

  • These documents are provided solely by the Agent/firm and would represent their standard new account agreements executed by the firm and the deposit owner.
  • Often there are separate documents for each type of account e.g., IRA, trust. The collection of all the agreements can be provided to cover all account types on deposit at the failed institution.
  • If specific owner/account information is needed to determine the amount of deposit insurance on a particular account, you will subsequently be contacted.

Declaration for Power of Attorney

The Declaration for Power of Attorney is required only if submitting a Power of Attorney not utilizing FDIC’s form.

Additional Forms by Type of Deposit and Ownership Capacity

Types of Deposits and Ownership CapacitiesFDIC FormsDocumentation Requirements
Single Ownership DepositN/A
  • No affidavit or declaration required.
Custodian AccountDeclaration for Custodian Deposit
  • Required when the broker’s investor is acting as custodian for others and the account totals $250,000 or greater in the aggregate.
Joint Ownership DepositDeclaration for Joint Ownership Deposit
  • Required for all joint ownership deposits $250,000 or greater, in the aggregate, when the account setup sheet is not provided.
Testamentary DepositDeclaration for Testamentary Deposit
  • Required for all testamentary deposits that are also known as payable on death (POD) accounts, revocable trusts and in trust for (ITF) accounts. Submit for all deposits $250,000 or greater in the aggregate.
  • Submit a copy of the trust document; as applicable.
Irrevocable Trust DepositsDeclaration for Irrevocable Trust
  • Required for all deposits in the name of a trust totaling $250,000 or greater in the aggregate.
  • Submit a copy of the trust document.
Revocable Living Trust DepositsDeclaration for Revocable Living Trust
  • Required for all deposits in the name of a trust totaling $250,000 or greater in the aggregate.
  • Submit a copy of the trust document.
Corporation, Partnership, or Unincorporated Association Deposit

Declaration of Independent Activity

Declaration of Independent Activity for Unincorporated Association

  • No affidavit or declaration is required.
  • The FDIC will notify the first-tier broker if one of these forms is needed. One of the Declaration of Independent Activity forms may be required by corporations, partnerships, or unincorporated associations if the depositor states that the funds in two or more accounts are owned by separate entities.
Government Deposit (Public Unit)Declaration for Government Deposit
  • Required for all government deposits $250,000 or greater in the aggregate.
IRA and Keogh DepositsDeclaration for IRA/KEOGH Deposit
  • For all IRA and KEOGH deposit accounts $250,000 or greater in the aggregate, the FDIC requires that the standard IRA agreement between the broker and the IRA owner be submitted. If there is not one, complete and submit this form.
Employee Benefit Plan Deposits

Declaration for Plan and Trust

Declaration for Defined Contribution Plan
 

Declaration for Defined Benefit Plan

Declaration for Health and Welfare Plan

  • If an employee benefit plan deposit exceeds $250,000 in the aggregate, before an insurance determination can be made on the benefit plan deposit, an executed copy of the Declaration for Plan and Trust must be submitted along with a copy of:
  1. The pages of the Trust appointing the trustees and showing the trustees’ signatures, and
  2. Any one of:
     
    1. The Plan,
    2. The adoption agreement, or
    3. The IRS determination letter for the Plan.
  • If the Plan and Trust are part of the same document, one copy of the complete document may be provided.
  • If the trustees named in the Trust are not the current trustees, please also attach to the Declaration for Plan and Trust the resolution appointing the current trustees.
  • If there is only one participant in the Plan, please indicate this on the Declaration for Plan and Trust. If there is more than one participant in the Plan, the following information must also be submitted:
  1. If the Plan is a Defined Contribution Plan, please complete the Declaration for Defined Contribution Plan.
  2. If the Plan is a Defined Benefit Plan, please have the Declaration for Defined Benefit Plan completed. A certified actuary must complete the Declaration for Defined Benefit Plan.
    Questions 5 and 6 of the Declaration for Defined Benefit Plan must be answered if any of the following are applicable:
    1. The account had more than $250,000 in it on the closing date;
    2. There are other accounts for an employee benefit plan with the same sponsor at the defaulted institution; or
    3. The present value of any one participant's accrued benefit (including rollover, other voluntary participant contributions, and any other amounts held for the benefit of the participant) exceeds 95% of the total Plan assets on the closing date.
  3. If the Plan is a Health or Welfare Plan (e.g., medical, dental, life insurance benefits), please complete the Declaration for Health and Welfare Plan.

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Last Updated: June 18, 2024