From: Tena Chipman
Sent: Friday, July 11, 2003 12:32 PM
To: Communications
Subject: Per your request for comments regarding FDIC coverage on
Living Trust Accounts, I am offering my opinion.
FDIC insurance coverage is so very hard for Bank customers to
understand. I believe there are even Bank employees who truly do not
understand it as well. And, a Bank employee can not possibly explain it
to a customer if they do not understand it.
I vote for Proposed Rule---Alternative Two. I believe this will be
the simplest, easiest and cleanest method and a lot easier for financial
institutions to help explain it to their customers. We are not lawyers
nor tax accountants and we should not have to "dive" into someone's
trust papers and try to decide how many beneficiaries, the relationships
and if they are contingencies in the trust.
Thank you.
Tena Chipman
Bloomfield State Bank
Bloomfield, IN 47424
CD/IRA Department Manager
