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27 Part 330 defines trust funds as funds held. by an insured depository institution as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement. 12 CFR 330.1(q). 28 12 CFR 330.12(a).
A: Part 370 generally requires a covered institution to configure its recordkeeping and information technology systems to be capable of calculating deposit insurance for each deposit account within 24 hours after the appointment of the FDIC as receiver (Part 370 capabilities).
It is important to emphasize that a depositor does not hold accounts in different ownership categories by opening accounts of different deposit product types (CDs, savings accounts or checking accounts, for example).
Rationale for Compliance Review The purpose of 12 C.F.R. part 370 (Part 370) is to ensure that deposit insurance can be accurately calculated to facilitate the timely payment of insured funds to depositors in the event a covered institution, a bank with two million or more deposit accounts, fails.
Signature cards usually provide general information like the account number and type (checking or savings), as well as each signers personal information name, birth date, social security number, and address. All signers are required to sign their full legal name.
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The purpose of the Part 370 requirements is to ensure prompt and accurate payment of deposit insurance to depositors of large, complex banks in the event of the institutions failure.
How to Protect Large Deposits over $250,000 Open Accounts at Multiple Banks. Open Accounts with Different Owners. Open Accounts with Trust/POD [pay-on-death] Designations. Open a CD Account, or Money Market Account, with a bank that offers IntraFi (formerly CDARs) services.

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