What is FDIC Forms?
The FDC is an independent agency that maintains public confidence and stability in the financial system of the country. It ensures deposits, manages receiverships, supervises and monitors financial institutions for soundness, safety, and protection of consumers.
The FDC makes different forms available to FDIC stakeholders to use when they want to conduct businesses or contract with the agency. These forms include FDIC 6200/09, FDIC 6200/05, FDIC 3064-0015, FDIC 3064-0046, and others.
These forms are available in different formats and can be accessed online. The forms are maintained in the Records Management section of the Corporation.
What are the Components of the FDIC Form?
One of the FDIC forms that are available to stakeholders is the application for deposit insurance form. This form has seven components. These include an overview of the proposed institution’s operations, the business plan and proposed policies, and management team information.
It also includes a capital amount to be raised, a description of premises and fixed assets, and a description of information systems to be used. Finally, it also requests the details of how the institution plans to meet the needs and convenience of the community it wants to serve.
There are other additional relevant information pieces that the FDIC Application Form will also collect from the stakeholder.
Why Do I Need an FDIC Form?
Depositors are not required to apply for FDIC insurance. However, FDIC deposit insurance covers all depositors that bank with FDIC-insured savings associations or banks. This means that only finance companies need FDIC Form.
If you plan to start a depository institution, you should be insured with FDIC and you need to fill out the form. With this, you can protect the interest of your clients. According to the regulations, deposits that are up to $250,000 should be insured with the FDIC.
Therefore, if your depository institution plans to bank up to or more than this sum, it is recommended that you apply for an FDIC form. Suffice to mention that the FDIC does not cover all deposits.
It only covers deposits such as savings and checking accounts, certificates of deposits, and money market deposit accounts. However, you do not need an FDIC form for investment products such as life insurance policies, mutual funds, stocks and bonds, and annuities.
How to Create an FDIC Form?
The FDIC form is available on the official website of the Federal Deposit Insurance Corporation (FDIC). If you need to fill out the form, you must download the form and carefully fill it out. You can also access the forms online, which means you can fill them directly online.
To make the process seamless, you can upload the forms to the CocoSign platform and create your details directly. You can also check the website to see if the form has already been uploaded.
Carefully fill out the required details and review the information you have provided. Make sure you provide accurate details and go over everything when you are done. Next, use the e-signature feature on the CocoSign website to append your signature and download the document. You can then go ahead to upload it on the FDIC portal.