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What is a fiduciary account?

The owner is known as the principal, while the manager is known as the fiduciary. These accounts are sometimes used to handle estate or trust assets, among other purposes. Their legal status and their insurance coverage are determined by the Federal Deposit Insurance Corporation (FDIC).

What are some examples of fiduciary accounts?

Some examples of fiduciaries of these accounts are trustees, agents, nominees, custodians and guardians. Fiduciary accounts are used in various ways: All deposits managed by a fiduciary on behalf of the account’s owner or owners are insured by the FDIC for the full $250,000 on a pass-through basis.

What does a fiduciary do?

A fiduciary is a trusted professional who manages the funds in a fiduciary deposit account on behalf of the account holder. The fiduciary is legally bound to act in the best interests of the account holder, managing the funds in a responsible and secure manner.

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