5.3.8 Business Accounts (BUS)

This ORC includes accounts from unincorporated associations, Partnerships, and Corporations engaged in independent activity. The business itself is the beneficial party in this case. A deposit account that is a sole proprietorship or doing business as a (DBA) account is not insured under this ORC- this is insured as a single account of the owner.

For an Unincorporated association, the Application checks for additional criteria such as the name of the association in the account title. This is an additional classification criteria for such accounts to be considered under the BUS ORC.

In case the title of the account does not contain the name of the Unincorporated Association, the account will be insured under the SGL ORC of the account holders. In case of multiple accounts belonging to a corporation under different names (Such as those for each Division/departments), the application identifies a Primary customer and maps all other accounts of the corporation under the primary customer. The Primary customer is the one who is separately insured by the FDIC.