Account Ownership
This ownership category includes any deposit account that is: held in one person's name alone, held in the name of a business that is a sole proprietorship, such as a "doing business as" (DBA) account.
What is single ownership accounts?
This act requires banks to establish a customer identification program for new customers that includes methods obtaining, verifying, documenting, and recording customer identification information.
What is The USA Patriot Act?
Covers deposits at insured banks—checking, savings, MMDA, and CDs—covering principal plus accrued interest through failure date.
What is FDIC Insurance?
A negative balance in a depositor's account that results from paying a check or making a withdrawal for an amount larger than the account balance.
What is an Overdraft?
These accounts are established by one person for the benefit of another, who can be a principal or a ward.
What is Agency accounts?
A regulation that dictates when banks must make deposited funds available to customers and regulates check processing.
What is Reg CC?
The objective of this is to prevent terrorists from using the U.S. financial system for money laundering and financing crimes.
What is a Customer Identification Program?
An electronic fund transfer authorized in advance to recur at substantially regular intervals.
What is Preauthorized transfer?
An account owned by two or more persons. For FDIC deposit insurance-qualified accounts, the owners share equally in the rights and liabilities of the account.
What is a Joint account?
Regulation DD implements this act.
What is the Truth in Savings Act?
Under this act, an account is considered new during the first 30 calendar days it is open.
What is the Expedited Funds Availability Act?
A deposit from which the depositor is prohibited from withdrawing funds within six days of making the deposit and for which a penalty of at least seven days interest is charged on such withdrawal.
What is a time deposit account?
Deposits held by a trust in which the grantor permanently gives up control over the funds.
What is Irrevocable Trust Accounts?
Requires the bank give statements to a customer at least monthly on an account that has processed an EFT.
What is Regulation E?
A cash deposit, EFT, or check drawn on the same bank (on-us item) must be made available to the customer on the next business day after the banking day the deposit was made.
What is Next-Day Availability?
A measure of the total amount of interest paid on an account based on the interest rate and the frequency of compounding.
What is Annual Percentage Yield?
Deposit accounts of the U.S. government and any state, county, municipality, or other political subdivision, such as a territory and an Indian tribe.
What is Public Unit Accounts?
The rule that sets reserve requirements for depository institutions to assist in monetary policy.
What is Regulation D?
Passed in 2000, ensures that electronic records and signatures are legally binding, holding the same legal weight as paper documents in, commerce.
What is the E-Sign Act?
Funds a bank is required to set aside against deposits, usually in the form of cash in the bank's vault or balances at a Federal Reserve bank.
What are Deposit Reserves?