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12 CFR Part 370 Recordkeeping for Timely Deposit

12 CFR Part 370 Recordkeeping for Timely Deposit 2026

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The document is a Payment Form designed for due diligence purposes, requiring detailed information to process payments and comply with international Know-Your-Customer (KYC) regulations. It outlines the necessary details about the account, payment information, relationship with the sender/receiver, and supporting documentation needed for transactions. The form aims to streamline recurring payments by whitelisting entities after initial submission.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your account details in the 'Your Details' section. Fill in your Account Name and Account Number accurately to ensure proper processing.
In the 'Payment Information' section, provide the Sender/Receiver's Full Name and their Countries of Operations. Be specific about the reason for the payment/deposit; avoid generic terms and instead describe the services or goods provided.
Detail your relationship with the Sender/Receiver. Explain how you know them, including any relevant background that establishes this connection.
Indicate whether the payment is a one-time transaction or recurring. If it's recurring, note that you won't need to complete this form again for future transactions with the same entity.
Attach any required documentation, such as invoices and supporting materials, ensuring they include all necessary business details.
Once completed, review all entries for accuracy before submitting via eBanking secure message as instructed.

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Versions	Form popularity	Fillable & printable
2021	4.8 Satisfied (45 Votes)
2016	4.2 Satisfied (23 Votes)

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is alternative recordkeeping FDIC?

A: The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails.

What does FDIC mean?

This section describes the following FDIC ownership categories and the requirements a depositor must meet to qualify for insurance coverage above $250,000 at one insured bank. Single Accounts. Certain Retirement Accounts. Joint Accounts. Trust Accounts. Employee Benefit Plan Accounts.

What is 12 CFR Part 370 recordkeeping for timely deposit insurance determination?

The Recordkeeping for Timely Deposit Insurance Determination rule (12 CFR Part 370 of the FDICs Rules and Regulations) requires each insured depository institution that has two million or more deposit accounts (a Covered Institution as defined in 370.2(c) of the rule) to (1) configure its information technology

What is not a deposit account record for the purpose of calculating deposit insurance?

Alternative recordkeeping allows for the electronic submission of third party funds owner information in order to expedite the insurance determination. Files are only submitted in the event of failure and requirements are outlined in the FDIC Deposit Brokers Processing Guide.

What are the 6 types of accounts that the FDIC insures?

Wells Fargo, and its Bank and non-bank affiliates, also offers a range of products and investment accounts that do not qualify as deposits and are therefore not covered by FDIC insurance.

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Why is Wells Fargo not insured by the FDIC?

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government. It protects depositors (bank customers) against the loss of their insured deposits (balances in savings accounts, checking accounts, etc.) in the unlikely event that an FDIC-insured bank fails.

12 CFR Part 370 Recordkeeping for Timely Deposit 2026

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