Conversatorship Agreement

This agreement under court order establishes that St. Ansgar State Bank acts for an individual in managing his or her business and non-business affairs. This may be a choice for individuals who are becoming less capable of managing their affairs or for individuals whose children live outside the area. Often times a conservatorship is established because an individual desires an independent party with investment experience and bookkeeping abilities.

Overview:

  • To qualify, the customer’s total assets must be $50,000 or more.
  • Conservatorships are generally put in place for severely mentally ill individuals who are gravely disabled, elderly individuals with Dementia or Alzheimer’s Disease who lack mental capacity, or individuals with developmental disabilities who may or may not lack mental capacity.
  • A limited conservatorship usually refers to individuals who are developmentally disabled, and they can retain more control over their personal affairs than other conservatees if they are capable
  • A person under conservatorship is a “conservatee,” and can refer to an adult. A person under guardianship is a “ward,” and can refer to a minor child.

See customer service representative for our full account disclosures.

 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

Effective January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.  For more information about FDIC insurance coverage, visit http://www.fdic.gov/deposit.