What is considered a Single Account?
- A single account is a deposit owned by one person.
- 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 business that is a sole proprietorship (DBA accounts)
- Accounts established for a decedent's estate.
Note:
If an individual has a deposit account titled in his or her name alone but gives another person the right to withdraw deposits from the account, the account will be insured as a single account only if the insured bank's deposit account records indicate that:
- The other signer is authorized to make withdrawals pursuant to a Power of Attorney
- the account is owned by one person and the other person is authorized to withdraw deposits on the owner's behalf (a convenience account)
If the insured bank's account records do not indicate that such a relationship exists, the deposit would be insured as a joint account.
Here is an example of Single Account
Account *****************Deposit Type******Account Balance
Marci Jones************** NOW************* 5,000.
Marci Jones****************Savings**********20,000
Marci Jones***************CD***************100,000
Marci's Memories (sole prop)*********checking*******25,000
Total Deposits********************************150,000
Amount Insured*****************************100,000
Amount uninsured***************************$50,000
