Iowa Code 524.816 – Deposit account insurance
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Terms Used In Iowa Code 524.816
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
524.816 Deposit account insurance.
A state bank organized under this chapter shall be an insured bank and shall acquire and
maintain insurance from the federal deposit insurance corporation, or its successor, to protect each depositor against loss of funds held on account by the state bank to the extent the federal deposit insurance corporation insures such deposits.
84 Acts, ch 1196, §1; 91 Acts, ch 16, §1; 2022 Acts, ch 1062, §77
A state bank organized under this chapter shall be an insured bank and shall acquire and
maintain insurance from the federal deposit insurance corporation, or its successor, to protect each depositor against loss of funds held on account by the state bank to the extent the federal deposit insurance corporation insures such deposits.
84 Acts, ch 1196, §1; 91 Acts, ch 16, §1; 2022 Acts, ch 1062, §77