When an Account is Held by a Person Designated as Agent for the True Owner of the Funds, How is the Account Insured?
The account is insured as an account of the principal or true owner.
The
funds in the account are added to any other accounts owned by the owner and the
total is insured up to the maximum sum.
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Are Accounts Held by a Person as Executor, Administrator, Guardian, Custodian, or in Some Other Similar Fiduciary Capacity Insured Separately from His or Her Individual Account?
Yes. If the records of the bank indicate that the person is depositing the funds in a fiduciary capacity such funds are insured separately from the fiduciary’s individually-owned account. Funds in an account held by an Executor or Administrator are ...
Is an Account Held by either a Company or Partnership, Insured Separately from the Individual Accounts of Shareholders or Partners?
Yes. If the Company or Partnership is engaged in an independent activity, its account is separately insured up to the maximum insured sum. The term Independent activity means any activity other than one directed solely at increasing insurance ...
Is the Insurance Protection increased by Placing Funds in two or more Types of Deposit Accounts in the same Participating Institution?
No. Deposit insurance is not increased merely by dividing funds held in the same right and capacity among the different types of deposits available. For example, demand, time and savings accounts held by the same depositor in the same right and ...
How are the Insured Sums Collected?
Insured sums are collected by depositors on filing their claims through the completion of relevant forms provided by the NDIC. In addition, they have to furnish the NDIC with account documents such as unused cheque books, old cheque stubs, passbooks, ...
Who is an Agent and Custodian under MMO arrangement?
An agent is an individual or organisation authorised by a MMO to transact business on its behalf in certain locations while a custodian is an entity with the responsibility for safeguarding, holding, and managing subscribers’ funds on behalf of the ...