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Account Ownership vs. Legal Insurance Coverage, JACK, Jill, Not Jointly…
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Not Jointly Owned – Insurance Coverage Invalid Under Joint Definition
Fails 12 CFR §745.8(c)(2) – Equal Ownership Required
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Joint insurance is only valid if every sub-account is fully accessible to both owners.
Hidden sub-accounts = invalid joint insurance.
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Ownership Type: Joint (Jack + Jill)
Insurance: $500K MAX (applies to all joint shares combined)
Federal Law: Joint Account Insurance Requires Equal Access to All Funds – No Hidden Sub-Accounts Allowed
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If Visions treats hidden sub-accounts as jointly insured, they are misrepresenting legal insurance coverage to members.
Total Combined Insurance (Jack + Jill at Visions): $1,000,000 MAX – no matter how many shares exist.