Joint Ownership Deposit Accounts

Joint Ownership Deposit Accounts
Subject: Deposit insurance
Agency: FDIC
Status: Final rule
The FDIC is amending its deposit insurance regulations to update one of the requirements that must be satisfied for an account to be separately insured as a joint account. Specifically, the final rule provides an alternative method to satisfy the“signature card” requirement. Under the final rule, the signature card requirement maybe satisfied by information contained in the deposit account records of the insured depository institution establishing co-ownership of the deposit account, such as evidence that the institution has issued a mechanism for accessing the account to each co-owner or evidence of usage of the deposit account by each co-owner.
FR Doc: 2019-15502
Date proposed: March 29, 2019
Comments due date: May 6, 2019
Final rule effective date:

30 days after publication in the Federal Register (scheduled July 22, 2019)

Rule compliance date:
Agency release:
Related Reg Report item(s):

Proposed rule aims to give large banks a break in recordkeeping requirements