Street Smarts—Fiduciary Accounts

Posted on August 11, 2008. Filed under: -- Uncategorized |


By Molly Greaves

I have a few banker friends and this term came out the other day. Do you know what a Fuduciary Account is? 

Answer brought to you by the homepage of the FDIC (Federal Deposit Insurance Corporation)

Fiduciary Accounts  

Definition 
Fiduciary accounts are deposit accounts established by a person or entity for the benefit of one or more other parties. Fiduciary relationships include, but are not limited to, arrangements involving:

  • a trustee
  • an agent
  • a nominee
  • a custodian
  • a guardian

Types of Fiduciary Accounts
Fiduciary accounts include, but are not limited to:

 

  • Uniform Transfer to Minors Act (UTMA) accounts (Also known as Uniform Gift to Minors Act or UGMA accounts)
  • Accounts with a power of attorney
  • Decedent estate accounts
  • Real estate and other escrow accounts
  • Mortgage servicing accounts
  • Interest on lawyer trust accounts (IOLTA)
  • Brokered deposits

 

 

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One Response to “Street Smarts—Fiduciary Accounts”

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