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Tuesday
Oct012013

Definition of Insured Deposit

DateTuesday, October 1, 2013 at 9:39AM by AuthorBanking Spectrum

On September 12, 2013, the FDIC Board of Directors adopted the attached Final Rule to clarify that deposits in foreign branches of U.S. banks are not eligible for deposit insurance, although they may qualify as deposits for the purpose of national depositor preference. The Final Rule will be effective October 15, 2013.

The complete financial institution letter may be found here: http://www.fdic.gov/news/news/financial/2013/fil13040.html

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