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What Kind of Institution May Hold My Trust Account?

A bank, savings bank, trust company, savings and loan association, credit union, or federally regulated investment company can hold your trust account. The institution must be authorized to do business in Iowa. All deposits must be federally insured. Your trust account must be in an institution with either its headquarters or a branch office physically located in Iowa. You should consider whether the institution has the amount of deposit insurance needed if your deposits for all accounts in that institution would exceed the FDIC insurance ceiling, convenience for banking, service charges and fees, interest rates payable, and return of cancelled checks or facsimiles thereof. You may use a credit union so long as the attorney administering the account is a member of the credit union.

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