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FDIC Insurance: How Much of My Deposits are Covered?

In this webinar, we’ll go through the FDIC deposit insurance regulations in detail, so that customers’ questions can be answered accurately and they can make appropriate decisions for their situations. These rules impact how accounts are established as well as how they are maintained. This is a webinar appropriate not only for compliance professionals but also front-line staff that responds to the many questions customers have about the safety and security of their deposit funds. We’ll provide many examples to see how this all works, and also provide valuable resources so that insurance amounts can be calculated, and the rules detailed.

OnDemand
Recorded Friday,
September 8th, 2023
Presented by Carl Pry
2h total length
2.5 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Risk Management/Legal
  • Bank Legal Counsel
  • Board Member
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Risk Manager
  • Senior Management
  • Trainer

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Recent news of bank failures has customers on edge. Are their deposits covered by FDIC insurance? Should they move their money to another bank? What happens if there is a failure? It’s a common misconception that $250,000 in each account is covered; this is reported in the press repeatedly. It’s also a misnomer that each customer has $250,000 of coverage in each institution. So what is the right answer? FDIC deposit insurance is calculated by the account ownership category, which is defined by FDIC regulations. There are separate categories for individual accounts, joint accounts, and others. Plus, the trust rules will be changing in a few years.

What You'll Learn

  • What types of accounts are covered, and which are not?
  • Determining the Standard Minimum Deposit Insurance Amount (SMDIA)
  • General principles: coverage by account ownership category
  • Determining account ownership
  • Death of the account owner
  • Single accounts, joint accounts, trusts – differing rules
  • Trust accounts- revocable and irrevocable; formal and informal
  • Retirement account coverage
  • Other account types: business, government, and others
  • Review of the FDIC’s official advertising sign and statement (including upcoming changes)

Who Should Attend

This webinar is appropriate for anyone in the institution that needs to know the ins and outs of FDIC deposit insurance, including frontline staff that need to respond to customer inquiries. This also includes deposit and operations professionals, new account representatives, call center personnel, compliance officers, auditors, risk management personnel, legal, and anyone else in a position to need to understand how to accurately convey the requirements to customers or others in the institution.


Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Treliant LLC in Washington, DC. Through his more than 30-year working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves as the Chair of the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.


Continuing Education Credit Information

FDIC Insurance: How Much of My Deposits are Covered? has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.