The FDIC announced today an interim rule that makes it much, much easier to determine coverage for Revocable Trust Accounts, also known as payable-on-death (POD) or living trust accounts.

Before today, you had to have qualifying beneficiaries on the account. Now, the beneficiary can be anyone, the bank’s records just need to specify who they are.

If you have uninsured funds at any bank you can ask the bank to re-title the CD as a POD account and add the number of beneficiaries you need to cover the account. POD accounts are insured up to $100,000 per beneficiary, assuming each beneficiary has equal proportional interest.

If any of you need a beneficiary, I will gladly volunteer my services.

Here is a link to the announcement on the FDIC’s website.
Have a great weekend.
cd :O)

-- By Chris Duncan

Posted in Economy