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Can a bank choose not to disclose who is the beneficiary on account even if I may be the beneficiary on another person’s account?

Yes. The beneficiary has authorization on an account only at the time of the account holder’s death. Prior to that time, the beneficiary has no rights to the account and therefore the bank is not at liberty to discuss who the beneficiary is on an account unless the bank is speaking with the authorized account holder. Keep in mind; the account holder can change the beneficiary during their lifetime.

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Banking & CD FAQs

The bank required two forms of picture I.D. Can it do that?

Yes. The bank can require two forms of picture identification. Federal banking laws or regulations does not prohibit national banks from asking customers for additional identification.

How should I respond if I receive an unsolicited bank offer over the phone and they asked for personal information to open an account and I had not previously inquired about opening an account?

Never provide any personal or financial information in response to an e-mail or telephone call. If you have done so, consider closing any accounts that may be at risk. You may also want to contact one of the three major credit bureaus to fraud alert notification on your reports.

What does FDIC deposit insurance cover?

FDIC insurance covers deposits received at an insured bank. Types of deposit products include checking, NOW, and savings accounts, money market deposit accounts or MMDAs, and time deposits such as certificates of deposit or CDs.

Does the federal government insure money market funds?

No, an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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Can a bank choose not to disclose who is the beneficiary on account even if I may be the beneficiary on another person’s account?

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