1. User Guide
  2. Deposit Insurance Calculations as per FDIC 370
  3. ORC Classification and Insurance Calculation
  4. Single Accounts (SGL)

5.3.1 Single Accounts (SGL)

Coverage under this ORC extends to accounts that are either owned by one natural person or treated as if they are owned by one natural person. The single accounts category includes the following:
  • Individually owned accounts
  • Accounts in the name of a deceased person or the estate of a deceased person
  • Sole proprietorship accounts
  • The following are also included in SGL ORC:
  • Retained Interest from Irrevocable Trust
  • Interest of Ineligible beneficiaries for Revocable Trust
  • Interest of Ineligible beneficiaries for Irrevocable Trust
  • Single accounts for Taxes and Insurance premiums of mortgagors
  • Business accounts not engaged in independent activity
  • Joint accounts where the number of owners has reduced to one.

SGL ORC is also the default ORC for any FDIC Insurance eligible account which has all its data elements available but does not fit the classification criteria for the other ORCs i.e. if an account has any data elements missing, it will be marked as ‘Pending’. However, if an account has all the data elements present, but does not fit into any ORC bucket, then it is tagged as SGL.