Is your staff giving out incorrect information on FDIC or NCUSIF insurance rules? Probably so!

Overview:

Recently a friend sold her house and had $400,000 to set up at a bank.  The banker told her she was insured in single ownership if she set these accounts up separately in $100,000 increments.  This misinformation leaves my friend uninsured for $150,000.  What if the bank fails tomorrow?  These myths continue to plaque our industry both for banks (FDIC) and for credit unions (NCUSIF).

The new bank failures have brought the insurance issue into center stage for our account holders and their money.  During this program we will change the dialogue to ownership and not accounts.

Topics:

-What does it mean to be insured by ownership and not account type?

-What happens when an account ownership type is unclear?  What is the default?

-Does insurance go by social security number or EIN?

-What  happens to the customers cashier’s checks they are storing?

-What about retirement accounts? IRAs versus company plans?

-What is happening with trust accounts?  Is that changing?

-How important are signature cards for insurance calculations?

-On joint accounts who gets the insurance?

-What happens at death of an account holder? At death of a beneficiary?

-How are  HSAs insured?

-What about insurance for businesses?  How is that determined?

Who should attend?   Tellers, New Accounts, Personal Bankers, Member Service Representatives, Branch Managers, Assistant Branch Managers, Loan Officers, Training, Management, Compliance, Operations and anyone who talks to account holders.