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Pro rata liquidating distribution

Deposits in separate branches of an insured bank are not separately insured.

To qualify for insurance under this ownership category, all of the following requirements must be met: All co-owners must be people.

Legal entities such as corporations, trusts, estates, or partnerships are not eligible for joint account coverage All co-owners must have equal rights to withdraw funds from the account All co-owners must sign the deposit account signature card unless the account is a CD or is established by an agent, nominee, guardian, custodian, executor or conservator If all of these requirements are met, each co-owner’s share of every account that is jointly held at the same insured bank is added together with the co-owner’s other shares, and the total is insured up to $100,000.

A revocable trust account includes “payable-on-death” (POD) accounts and “in trust for” (ITF) accounts.

Single accounts include: Accounts held in one person’s name alone Accounts established for one person by an agent, nominee, guardian, custodian, or conservator, including Uniform Transfers to Minors Act accounts, escrow accounts, and brokered deposit accounts Accounts held in the name of a business that is a sole proprietorship Accounts established for a decedent’s estate Certain Retirement Accounts – these are deposits owned by one person and titled in the name of that person’s retirement account.

Revocable Trust Accounts – A revocable trust account is a deposit owned by one or more people that indicates an intention that the deposits will belong to one or more named beneficiaries upon the death of the owner(s).

A revocable trust account can be revoked or terminated at the discretion of the owner.

Deposit insurance coverage is based on each owner’s trust relationship with each qualifying beneficiary.