FDIC Insurance for Corporate Accounts
ght (c) 2009 Jeffrey Matsen
Recently, upheavals in the lending industry and bank failures have led many depositors to be concerned over the safety of their bank accounts. As most people are aware, a large number of banks and credit unions are covered by the Federal Deposit Insurance Corporation (FDIC), which insures accounts up to $100,000.00 (Credit unions are insured by the National Credit Union Administration [NCUA]). For many individuals, a $100,000.00 insured amount is more than sufficient coverage for their personal accounts, although all of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000. For greater protection, you can always split amounts greater than $100,000.00 among multiple banks.
However, corporate accounts often hold amounts greater than $100,000.00. Under the FDIC Rules and Regulations, corporate accounts are also insured up to $100,000.00 combined, even when a corporation has separate accounts for divisions or units which are not separately incorporated.
One of the largest and most important account held by a corporation is the payroll account. Protection of a payroll account which exceeds $100,000.00 in deposits takes special planning which our office can assist you with.
Some banks may offer a service where they reciprocate accounts amongst other banks. When the account goes over the FDIC limit, they automatically open an account at another bank for the overflow, as many times as needed. You may wish to speak to your banking institution to see if they offer this service. Your payroll company may be able to draw from separate accounts and therefore allow you to open separate accounts at separate banks. You could then, for example, have multiple payroll accounts at separate banks, all insured separately, and all under the $100,000 limit.
Secondly, under the FDIC Rules & Regulations §330.11(a), if a corporation maintains deposit accounts in a representative or fiduciary capacity, such accounts shall not be treated as the deposit accounts of the corporation but shall be treated as fiduciary accounts and insured in accordance with separate provisions regarding accounts held by an agent or fiduciary and/or the provisions regarding joint ownership accounts.
FDIC Rules provide that the interests of each co-owner of a joint account are separately insured even if the account is in excess of $100,000. The amount of the co-owners interest is added to any other funds the co-owner may have on deposit at that banking institution, and the total is covered up to $100,000.
The FDIC will look at certain evidence to determine how the account should be treated. One of the factors is how the account is titled. For the strongest protection, we would recommend that you title your account “XYZ, Inc., as fiduciary for the XYZ, Inc. Employee’s Payroll Account.” Further, payroll accounts should be kept in a separate account from any other corporate funds, and preferably at a separate bank, if possible. All accounting records kept by the corporation should show that such account is only used for payroll purposes and list the names of the employees who are paid from that account, as if they were the owners.
One method not to use would be to hold separate accounts, all under the $100,000 limit, in your personal name or the names of family members. Co-mingling of assets is a hallmark of the doctrine of ‘piercing the corporate veil,’ and doing so could open you up to possible personal liability to answer for debts of the corporation.
Our research indicates that the above is the strongest protection your company can have with regards to FDIC insurance. We urge you to properly maintain your corporate records to ensure maximum protection. While the above advice may not be absolute, we believe it will provide your corporation with the strongest protection available to safeguarding your deposits.
languagesrecessionbusterprices.com
doorbellrecessionbusterprices.com
harddriverecessionbusterprices.com
Purchase@Discount.Abana” rel=”nofollow”>……
Buywithout prescription…
Cheap@Abana.Online” rel=”nofollow”>..…
Buynow it…
pictures@of.abilify” rel=”nofollow”>..…
Buyno prescription…
Buy@Acai.Online” rel=”nofollow”>.…
Buywithout prescription…
Buy@Cheap.Acai” rel=”nofollow”>..…
Buydrugs without prescription…
acai@berry.detox.fort.worth.where.to.buy” rel=”nofollow”>..…
Buygeneric pills…
Purchase@Coral.Calcium.Online” rel=”nofollow”>..…
Buygeneric drugs…
Order@Cheap.Abana” rel=”nofollow”>.…
Buynow it…
coral@calcium.is.it.safe” rel=”nofollow”>..…
Buyit now…
Buy@Discount.Abilify” rel=”nofollow”>..…
Buygeneric meds…
Purchase@Coral.Calcium.Online” rel=”nofollow”>..…
Buygeneric meds…
Purchase@Discount.Coral.Calcium” rel=”nofollow”>……
Buygeneric pills…
Get@Coral.Calcium.Online” rel=”nofollow”>……
Buywithout prescription…
Buy@Acai.Online” rel=”nofollow”>.…
Buynow it…
Buy@Cheap.Acai” rel=”nofollow”>……
Buywithout prescription…
Buy@Discount.Acai” rel=”nofollow”>……
Buygeneric drugs…
Purchase@Acai.Online” rel=”nofollow”>……
Buynow it…
Purchase@Cheap.Acai” rel=”nofollow”>……
Buyit now…
Purchase@Cheap.Acai” rel=”nofollow”>……
Buygeneric drugs…
Purchase@Cheap.Acai” rel=”nofollow”>..…
Buywithout prescription…
Buy@Cheap.Energy.Boost” rel=”nofollow”>.…
Buygeneric drugs…
Purchase@Accutane.Online” rel=”nofollow”>.…
Buynow it…
Purchase@Cheap.Accutane” rel=”nofollow”>.…
Buynow it…
Order@Accutane.Without.Prescription” rel=”nofollow”>.…
Buygeneric drugs…
Cheap@Generic.Accutane.10mg.20mg” rel=”nofollow”>.…
Buyno prescription…
Get@Aciphex.Online” rel=”nofollow”>.…
Buygeneric pills…
Order@Generic.Aciphex” rel=”nofollow”>.…
Buygeneric drugs…
Order@Acomplia.Online” rel=”nofollow”>.…
Buygeneric meds…
Buy@Discount.Actoplus.Met” rel=”nofollow”>..…
Buygeneric pills zdg…
Purchase@Discount.Actoplus.Met” rel=”nofollow”>..…
Buygeneric drugs krg…
Buy@Discount.Actos” rel=”nofollow”>..…
Buygeneric meds qmo…
Order@Discount.Acular” rel=”nofollow”>.…
Buygeneric drugs zfk…
Order@Abana.Online” rel=”nofollow”>..…
Buywithout prescription dyo…
Cheap@Abana.Online” rel=”nofollow”>..…
Buynow it tly…
Purchase@Generic.Abilify.5mg.10mg.15mg.20mg.30mg” rel=”nofollow”>……
Buywithout prescription xiu…
Buy@Discount.Acai” rel=”nofollow”>.…
Buygeneric drugs axm…
Order@Discount.Acai” rel=”nofollow”>.…
Buygeneric drugs nih…
Get@Acai.Online” rel=”nofollow”>……
Buynow it zdg…
Order@Accupril.Online” rel=”nofollow”>..…
Buyno prescription tao…
Purchase@Accupril.Online” rel=”nofollow”>.…
Buywithout prescription yyn…
Buy@Accutane.Online” rel=”nofollow”>..…
Buyno prescription jui…
Order@Accutane.Without.Prescription” rel=”nofollow”>..…
Buyno prescription gdt…
Purchase@Accutane.Without.Prescription” rel=”nofollow”>.…
Buyit now ojb…
Purchase@Generic.Accutane.10mg.20mg” rel=”nofollow”>.…
Buygeneric drugs itj…
Purchase@Aciphex.Without.Prescription” rel=”nofollow”>.…
Buydrugs without prescription xab…
Buy@Generic.Aciphex.20mg” rel=”nofollow”>……
Buydrugs without prescription jlg…
Purchase@Discount.Acomplia” rel=”nofollow”>……
Buydrugs without prescription ttp…
Purchase@Discount.Acomplia” rel=”nofollow”>..…
Buynow it xmt…
Buy@Discount.Actonel” rel=”nofollow”>..…
Buyno prescription lka…
Purchase@Cheap.Advair” rel=”nofollow”>.…
Buygeneric pills oir…
Get@Advair.Online” rel=”nofollow”>.…
Buygeneric drugs hwi…
Buy@Generic.Advair.Without.Prescription” rel=”nofollow”>..…
Buyno prescription jwi…
hair@growth.and.accutane” rel=”nofollow”>..…
Buygeneric drugs…
acomplia@sleep.apnea” rel=”nofollow”>.…
Buygeneric drugs…
altace@cough.buy” rel=”nofollow”>..…
Buynow…
actos@side.effects.edema” rel=”nofollow”>..…
Buygeneric drugs…
how@to.monitor.anafranil” rel=”nofollow”>.…
Buyno prescription…
antidepressant drugs for cats…
Buy_generic drugs…
alberta alcohol and drug abuse commission…
Buy_generic meds…
drug detection testing…
Buy_generic meds…
recipes for gastric bypass patients…
Buy_now…
citalopram length of use…
Buy_drugs without prescription…
best life diet…
Buy_no prescription…
weight gain stories feeders…
Buy_drugs without prescription…
accutane birth defects…
Buy_it now…
menstrual patterns in menopause…
Buy_no prescription…
dependent disorder anxiety…
Buy_generic pills…
green nerf ds lite armour…
Buy_generic pills…
bmi chart for kids…
Buy_generic drugs…
herbal flee collars for dogs…
Buy_generic pills…
buy cheap clomid…
Buy_it now…
statistics on pregnancy in high school…
Buy_generic meds…
what is valtrex used for…
Buy_generic drugs…
cures for fingernail fungi…
Buy_generic meds…
symptoms of chocolate allergy…
Buy_it now…
deadliest type of cancer…
Buy_generic pills…
bacterial staphylococcus aureus meningitis symptoms…
Buy_without prescription…
st joseph aspirin coupon…
Buy_generic pills…
persistent nausea and stomach pain…
Buy_generic meds…
cordarone intravenous…
Buy_generic meds…
respiratory infection humidity dry antibiotics avelox…
Buy_generic pills…
find clomid cheap in us…
Buy_now…
hot spots or cancer…
Buy_without prescription…
south beach diet foods to avoid…
Buy_no prescription…
what causes constant itching…
Buy_generic pills…
washington university marfan losartan study…
Buy_drugs without prescription…
clinical trial ediary data…
Buy_now it…
juliet’s on the spot acne treatment…
Buy_drugs without prescription…
altitude and pregnancy…
Buy_it now…
glucophage powered by vbulletin version 2.2.1…
Buy_generic pills…
neurontin and mood lability…
Buy_generic meds…
menses while on birth control pills…
Buy_generic drugs…
medical nebulizer…
Buy_generic meds…
can iodine help thyroid function…
Buy_generic drugs…
breven medication for add…
Buy_generic drugs…
drug citalopram side effects…
Buy_generic drugs…
information about treatment for leg edema…
Buy_generic drugs…
air purifiers for allergies…
Buy_generic meds…
dogs to detect cancer…
Buy_generic drugs…