The Bank Deposit Government Guarantee serves as a critical instrument in the U.S. banking system, established following the Banking Act of 1933 to maintain public confidence in the banking sector. This document formalizes the government's commitment to protect depositors against bank failures, specifying coverage limits, eligible accounts, and claim procedures. It reflects current FDIC regulations and incorporates requirements from various federal banking laws and state-specific provisions. The guarantee applies to different types of deposit accounts and various ownership categories, providing essential protection for both individual and institutional depositors.
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1. Parties: Identifies the financial institution, depositor, and government guarantor (FDIC)
2. Background: Context of the guarantee and relationship between parties, including reference to relevant legislation (FDIA, Banking Act)
3. Definitions: Key terms including 'Deposit', 'Covered Account', 'Insurance Limit', 'Claim Event'
4. Scope of Guarantee: Details of coverage limits ($250,000 per depositor) and types of deposits covered
5. Terms and Conditions: Core conditions for guarantee effectiveness and maintenance
6. Claims Process: Procedure for making claims under the guarantee and payout mechanisms
7. Compliance Requirements: Bank's obligations under relevant legislation and regulatory requirements
8. Termination: Circumstances under which the guarantee may be terminated or modified
1. Foreign Currency Deposits: Special provisions for foreign currency accounts and their coverage under the guarantee
2. Joint Accounts: Specific provisions for joint account coverage and ownership categories
3. Digital Banking Provisions: Coverage specifications for digital-only banking services and electronic transfers
4. Trust Accounts: Special provisions for trust accounts and beneficial ownership considerations
1. Schedule A - Coverage Limits: Detailed breakdown of insurance limits by account type and ownership category
2. Schedule B - Eligible Account Types: Comprehensive list of account types covered by the guarantee
3. Appendix 1 - Claim Forms: Standard forms and procedures for submitting guarantee claims
4. Appendix 2 - Required Disclosures: Mandatory customer disclosures and notices required by FDIC and other regulators
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