[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR745.3]



[Page 611-612]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 745_SHARE INSURANCE AND APPENDIX--Table of Contents

 

  Subpart A_Clarification and Definition of Account Insurance Coverage

 

Sec. 745.3  Single ownership accounts.



    (a) Funds owned by an individual and deposited in the manner set 

forth below shall be added together and insured up to $100,000 in the 

aggregate.

    (1) Individual accounts. Funds owned by an individual (or by the 

husband-wife community of which the individual is a member) and 

deposited in one or more accounts in the individual's own name shall be 

insured up to $100,000 in the aggregate.

    (2) Accounts held by agents or nominees. Funds owned by a principal 

and deposited in one or more accounts in the name or names of agents or 

nominees shall be added to any individual account of the principal and 

insured up to $100,000 in the aggregate.

    (3) Custodial loan accounts. Loan payments received by a Federal 

credit union prior to remittance to other parties to whom the loan was 

sold pursuant to section 107(13) of the Federal Credit Union Act and 

Sec. 701.23 of NCUA's



[[Page 612]]



Regulations shall be considered to be funds owned by the borrower and 

shall be added to any individual accounts of the borrower and insured up 

to $100,000 in the aggregate.

    (b) Funds held by a guardian, custodian, or conservator for the 

benefit of his ward or for the benefit of a minor under a Uniform Gifts 

to Minors Act and deposited in one or more accounts in the name of the 

guardian, custodian, or conservator are insured up to $100,000 in the 

aggregate, separately from any other accounts of the guardian, 

custodian, conservator, ward, or minor.