FDIC and Fiduciary Account Holders with Beneficial Owners

Ensure FDIC protection of your fiduciary ownership accounts.

For deposits that are held in in fiduciary accounts, FDIC coverage passes through to the actual owner of the funds otherwise known as the beneficial owner. However, according to FDIC Rule 370, the fiduciary account holders of these accounts are responsible for providing Fifth Third Bank with ownership information for the individual monies that are held so that Fifth Third Bank and the FDIC can appropriately determine insurance coverage.

What happens if you don’t supply account ownership information?

If you don’t supply ownership information regarding beneficiary accounts, you risk the beneficiary owners’ accounts not receiving the full insured amount and the insured funds not being made immediately available to the beneficial owners in the event of a bank failure.

How do I supply fund ownership information?

  1. To create the beneficial ownership file, please refer the FDIC’s website. According to the Deposit Broker’s Processing guide, 19 fields are required: Deposit Broker’s Processing Guide and 10 additional fields are described at: Addendum to the Deposit Broker's Processing Guide.
  2. Send an email to FDICInsurance@53.com to request instructions on how to upload the information to Fifth Third Bank’s secure site.

By submitting account information you are certifying the information is true and accurate to the best of your knowledge.

About Rule 370

Recordkeeping for Timely Deposit Insurance Determination, commonly known as Rule 370, is a regulation issued by the FDIC that requires each insured depository institution, including Fifth Third Bank, to complete various steps and gather information to better determine deposit insurance coverage. Rule 370 goes into effect on April 1, 2021.

What is the FDIC?

The Federal Deposit Insurance Corporation, or FDIC, is a U.S. federal agency that insures deposits against losses when a bank fails. The FDIC insures deposits at Fifth Third Bank. However, the FDIC has other priorities aside from deposit insurance. The FDIC promulgates rules and oversees activities at many banks.

Helpful links about your Rule 370 reposibilities