12 C.F.R. § 330.6

Single ownership accounts

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(a) Individual accounts. Funds owned by a natural person and deposited in one or more deposit accounts in his or her own name shall be added together and insured up to the SMDIA in the aggregate. Exception: Despite the general requirement in this paragraph (a), if more than one natural person has the right to withdraw funds from an individual account (excluding persons who have the right to withdraw by virtue of a Power of Attorney), the account shall be treated as a joint ownership account (although not necessarily a qualifying joint account) and shall be insured in accordance with the provisions of § 330.9, unless the deposit account records clearly indicate, to the satisfaction of the FDIC, that the funds are owned by one individual and that other signatories on the account are merely authorized to withdraw funds on behalf of the owner.

(b) Sole proprietorship accounts. Funds owned by a business which is a “sole proprietorship” (as defined in § 330.1(n)) and deposited in one or more deposit accounts in the name of the business shall be treated as the individual account(s) of the person who is the sole proprietor, added to any other individual accounts of that person, and insured up to the SMDIA in the aggregate.

(c) Single-name accounts containing community property funds. Community property funds deposited into one or more deposit accounts in the name of one member of a husband-wife community shall be treated as the individual account(s) of the named member, added to any other individual accounts of that person, and insured up to the SMDIA in the aggregate.

(d) Accounts of a decedent and accounts held by executors or administrators of a decedent's estate. Funds held in the name of a decedent or in the name of the executor, administrator, or other personal representative of his or her estate and deposited into one or more deposit accounts shall be added together and insured up to the SMDIA in the aggregate; provided, however, that nothing in this paragraph (d) shall affect the operation of § 330.3(j). The deposit insurance provided by this paragraph (d) shall be separate from any insurance coverage provided for the individual deposit accounts of the executor, administrator, other personal representative or the beneficiaries of the estate.

[63 FR 25756, May 11, 1998, as amended at 71 FR 14631, Mar. 23, 2006; 76 FR 41395, July 14, 2011]

Notes of Decisions

Cited in 6 cases (1 in the last 5 years), 1986–2023 · leading case: Vicki Bush v. Bush Mach. & Tractor, Inc. Laurence Erwin Bush Ryan Bush & Tory Bush, 2023 Ark. App. 291 (Ark. Ct. App. 2023).

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Vicki Bush v. Bush Mach. & Tractor, Inc. Laurence Erwin Bush Ryan Bush & Tory Bush, 2023 Ark. App. 291 (Ark. Ct. App. 2023). · cites it 2× “She also cites 12 C.F.R. 330.6(a) (2022), titled “Single ownership accounts,” which provides: Individual accounts.”

Massachusetts v. FDIC, 916 F. Supp. 54 (D. Mass. 1996). “12 C.F.R. §§ 330.6 , 330.4. The Commonwealth responds that the files of the failed banks must have contained a copy of MAPA, and that this ought to satisfy the record requirement.”

Resolution Trust Corp. v. State of Cal., 851 F. Supp. 1453 (C.D. Cal. 1994). “See 12 C.F.R. §§ 330.6 , 330.4. However, neither the statute nor the regulations provide that a state may obtain insurance benefits for an absent depositor pursuant to unclaimed property laws.”

Anheuser-Busch Employees Credit Union v. Fed. Deposit Ins., 651 F. Supp. 718 (W.D. Mo. 1986). “, and the interests of the members of an unincorporated association where that association is engaged in an “independent activity,” see 12 C.F.R. § 330.6 . 6 Unfortunately, the regulations do not directly articulate any general, unifying theory behind these examples and…”

Laurence v. United States, 851 F. Supp. 1445 (N.D. Cal. 1994). “See 12 C.F.R. §§ 330.6 , 330.4. However, neither the statute nor the regulations provide that a state may obtain insurance benefits for an absent depositor pursuant to unclaimed property laws.”

No. (Colo. Att'y Gen. 1992). · cites it 2× “1 Your current inquiry is, however, triggered by the recently enacted Federal Deposit Insurance Corporation ("FDIC") Rules and Regulations, 12 C.F.R. 330.6 (a) (4/30/90), which states that: Funds owned by a principal .”

— 12 C.F.R. § 330.6(a) — 1 case

Vicki Bush v. Bush Mach. & Tractor, Inc. Laurence Erwin Bush Ryan Bush & Tory Bush, 2023 Ark. App. 291 (Ark. Ct. App. 2023). “She also cites 12 C.F.R. 330.6(a) (2022), titled “Single ownership accounts,” which provides: Individual accounts.”

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