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Banking Education
Deposit Insurance Definitions
Deposit Insurance Definitions
- Right and Capacity -
The manner in which funds are owned or held (e.g.
Individual, Joint, Trust, Retirement).
- Insured Institution - a bank or savings
association that is insured by the FDIC.
- Individual Account - An account owned by one
person.
- Joint Account - An account owned by two or more
people.
- Revocable Trust Account - An account that
evidences an intention that the funds pass to a named
beneficiary upon the death of the owner. May or may not have
a separate trust document.
- Irrevocable Trust Account - An account for which
the grantor has released all control. This type of account
is established by a formal trust agreement, will, or court
order.
- Deposit Account - An account at an insured
financial institution into which a customer deposits funds.
FDIC insurance would apply to all types of deposit accounts
at an insured institution. Certificates of Deposit, Checking
or NOW accounts, Passbook Savings, and Money Market Deposit
accounts (MMDAs) are all deposit accounts.
- Non-Deposit Investment Product - An investment
account that is not insured by the FDIC. Mutual Funds,
Stocks, Annuities, and Treasury notes are all Non-Deposit
Investment Products and would not be insured by the FDIC,
even if purchased at or through an insured institution.
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