FDIC Makes Major Changes To Insurance Limits On Most Trust Accounts Effective April 1, 2024

Moritt Hock & Hamroff LLP

Beginning on April 1, 2024, new rules adopted by the Federal Deposit Insurance Corporation (“FDIC”) will go into effect for “Trust Accounts” which substantially increases the level of insurance coverage for many types of trust deposit accounts. In sum, the new rules provide that most trust owners will be insured up to $250,000 per eligible trust beneficiary, up to a maximum of five beneficiaries, for total insurance coverage of $1,250,000 per trust per insured bank.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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