Pass-through Deposit Insurance Coverage Meaning

When funds are deposited by a fiduciary or custodian on behalf of one or more actual owners of the funds the FDIC will insure the funds as if the actual owners had established the deposit in the IDI. Consequently each beneficiary may be eligible for up to 250000 in deposit insurance.

A non-contingent interest is an interest capable of determination without evaluation of contingencies other than life expectancy.

Pass-through deposit insurance coverage meaning. Deposits held by a fiduciary on behalf of one or more principals are insured on a pass- through basis as the deposits of the principal the actual owner to the same extent as if the deposits were deposited directly by the principal provided. What is pass-through deposit insurance coverage. FDIC pass-through deposit insurance is federal deposit insurance coverage that applies to the interests of owners or beneficiaries in a qualified fiduciary or custodial account which may include a Qualified Settlement Fund QSF.

Deposit insurance coverage passes through a custodial account at a depository institution that is a deposit insurance member and holds customer funds from. When dealing with fiduciary accounts you may hear the term pass-through deposit insurance coverage. The term pass-through deposit insurance means with respect to an employee benefit plan deposit insurance coverage based on the interest of each participant in.

Pass-through deposit insurance covers the failure of the depository institution holding the custodial account not the failure of the e-money issuer. FDIC Pass-Through Deposit Insurance In general deposit insurance is provided to depositors at an Insured Institution based upon the rights and capacities in which deposits are maintained by the depositor at the Insured Institution. What this means is that rather than simply paying the premiums for their employees health insurance they contract with a health insurance company who simply manages the claims and then the employer pays the cost of the claims.

What does that term mean. The FDIC passes the insurance through the account to the FDICs insurance fund. Eligible deposit and the pass-through approach whereby deposit insurance coverage passes through from the float account held at a DTI member of the deposit insurance system to reach each e-money account1 While the direct approach aims to address residual risks from the failure of an EMI the pass-through approach is aimed at residual.

Many translated example sentences containing pass-through deposit insurance coverage Spanish-English dictionary and search engine for Spanish translations. The Pass-Through Deposit Insurance scheme is the protection provided by the NDIC to mobile money subscribers whereby the Corporation insures funds that are deposited by a Mobile Money Operator MMO in the deposit money banks DMBs. The deposits of an employee benefit plan are insured on a pass-through basis meaning that the deposits are insured up to 250000 for the non-contingent interest of each plan participant.

Whether a Special Payroll Account Would Receive Pass-Through Coverage 94-7 Deposit Insurance for Trusteed Employee Vacation Plans. The account is opened by individuals who are passing through the area B. With respect to all Cards eligible for pass-through federal deposit insurance coverage Sutton Bank shall structure the Program Accounts in.

You note that the Federal Deposit Insurance Corporation FDIC will look to the records of a custodian to establish a relationship that permits deposit insurance to pass through the custodian to the purchaser of a deposit in a federally insured bank. What is the amount of pass-through deposit insurance coverage. I have heard it said that some companies that provide health insurance to their employees use a pass-through system.

In our example the deposit insurance would cover the failure of the bank holding the custodial account for the benefit of the MNO customers not the failure of the MNO itself. Applicability to a Multi-Employer Health and Welfare Plan Funded Through Collective Bargaining Agreements 94-43 Deposit Insurance. Ownership of the funds passes through the account to the bank C.

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