Revocable and Irrevocable Trust Rule Change Effective April 1, 2024 Mortgage Servicing Accounts Rule Change Effective April 1, 2024
All the rules discussed in this section are current through March 31, 2024. The FDIC approved changes, on January 21, 2022, to the deposit insurance rules for revocable trust accounts (including formal trusts, POD/ITF), irrevocable trust accounts, and mortgage servicing accounts. For most trust depositors (those with less than $1,250,000), the FDIC expects the coverage levels to be unchanged. However, the new rule may reduce coverage for those depositors who have placed more than $1,250,000 per owner in trust deposits at one insured institution. The new rule (PDF) combines the revocable and irrevocable trust account categories into one insurance category, eliminates some complex rules, and utilizes a simple insurance calculation. You can learn more about the new changes, including for mortgage servicing accounts, by reviewing this fact sheet (PDF). The changes are effective April 1, 2024, giving bankers and depositors time to adjust to the new rule, including making any changes to avoid a potential reduction in coverage. We suggest depositors and bankers review the new rules for time deposits with maturities beyond April 1, 2024.
You can submit your inquiry using the FDIC Information and Support Center. You can also call the FDIC at (877) 275-3342 or (877) ASK-FDIC. For the hearing impaired call (800) 877-8339.
Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered. Check out the resources on this page to learn more about deposit insurance.
Are My Deposits Insured?
Use the tools below to double check that your accounts and bank are FDIC-insured and to find out how much insurance coverage you have.
- Is Your Bank Insured? The BankFind tool can help you find out if your banking institution is insured.
- Are Your Accounts Covered? Not all accounts, products, and investments are covered by FDIC insurance. Find out what is—and is not—covered.
- How Much of Your Deposits Are Insured? Use the Electronic Deposit Insurance Estimator (EDIE) to find out.
Answers to More of Your Deposit Insurance Questions
What happens if my bank fails? How do I get deposit insurance? What accounts are not covered? What if my deposits exceed the coverage limit? The FDIC provides a number of resources to answer these questions and more.
- Frequently Asked Questions about Deposit Insurance
- Deposit Insurance Brochures and Videos
Information for Bankers
- Deposit Insurance Coverage Webinars for Bankers. Covers the fundamentals of deposit insurance, advanced insurance topics, and insurance coverage for specific products, like Revocable Trust Accounts.
- Bank Employee’s Guide to Deposit Insurance. Helps bank employees provide accurate information about FDIC insurance coverage to their depositors.
Looking for more? Contact the FDIC.
- 1-877-ASK-FDIC. Call us to determine your deposit insurance coverage or ask any other specific deposit insurance questions.
- FDIC Information and Support Center. Submit a request or complaint, check on the status of a complaint or inquiry, or securely exchange documents with the FDIC.