Compliance: Joint accounts and share insurance coverage

first_imgShare insurance coverage, as a general rule, extends National Credit Union Share Insurance Fund coverage to only credit union members. However, within the Federal Credit Union Act, there are some exceptions to the general rule.Those include interest on lawyer trust accounts, retirement and other benefit accounts and “qualifying joint accounts.”Several questions have been raised to CUNA’s compliance staff lately about what counts as a qualifying joint account for purposes of the exception.A qualifying joint account is a joint account in which:Each of the co-owners has personally signed a membership or account signature card (this does not apply to share certificate accounts); andEach member has a right to withdrawal on the same basis as the other co-owners.For share insurance purposes, a joint account that does not meet these requirements must be treated as owned by the named persons as individuals. The actual ownership interest of each person will be added to any additional accounts they own individually at the credit union. continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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Decomposing body found in Lambunao

first_imgResidents discovered the victim’s bodyin a grassy area around 8:30 a.m. on Feb. 17. Staff Sergeant Marvin Sison of the Lambunaopolice station said the victim was wearing a black shirt but had no lowergarments. He was estimated to 40 years old. ILOILO City – Already in the state ofdecomposition, a body of an unidentified woman was found in Barangay Tranghawan,Lambunao, Iloilo, a police report showed.center_img Officers of the municipal police stationhave yet to determine the cause of the woman’s death./PNlast_img

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