FDIC sets four seminars on deposit insurance coverage for bank employees, officers from May to December

Four identical, live seminars for bank employees and officers will be held between May 15 and Dec. 9 on Federal Deposit Insurance Corp. (FDIC) deposit insurance coverage, the agency said in a Financial Institution Letter (FIL) Tuesday.

The seminars will provide a comprehensive overview of FDIC deposit insurance rules as well as deposit insurance coverage information on signature card requirements for joint accounts, prepaid cards, bank trade names, health savings accounts, 529 plan accounts, and 529 Achieving a Better Life Experience (ABLE) plan accounts, the FDIC said in FIL-23-2019.

FDIC said the presentation provides an overview of some of the most popular deposit insurance resources, such as:

(a) the FDIC’s Electronic Deposit Insurance Estimator (EDIE), which is an interactive tool used to calculate deposit insurance coverage;

(b) the FDIC’s BankFind Directory, which allows users to confirm if a bank is FDIC-insured; and

(c) the FDIC’s Financial Institution Employee’s Guide to Deposit Insurance, which was developed to assist bankers in providing detailed information about deposit insurance coverage to their customers.

The FDIC also has developed three separate deposit insurance coverage seminars for bank officers and employees and made them available on its YouTube channel. The agency said that both the live and YouTube deposit insurance coverage seminars will provide bank employees with an understanding of how to calculate deposit insurance coverage.

Note: FDIC has a proposed rule still out for comment regarding recordkeeping requirements for joint accounts, so the agency notes some of the information in the seminar slides and presentation could change once a final rule is issued.

Each seminar will last about two hours and include a question-and-answer session with the agency’s subject matter experts. Attendance is free, but advance registration is required.

FDIC seminar registration information

Reg lookup: Joint Ownership Deposit Accounts (Proposed rule; comments are due May 6)