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Yes, as noted in the Answer to Question 28 in the LLA’s Banking FAQ, (which can be found on the Legal Assistance & FAQs Overview page of the LLA Website), the FDIC guidance notes that FDIC coverage for government accounts are per official custodian. Therefore, governmental accounts with different official custodians (in this case principals) are treated separately for purposes of FDIC insurance coverage amounts, even if they are at the same bank and under same school board.
As the principals of each school are separate custodians of their own school’s student activity fund account, the individual bank accounts should be considered separately for the purposes of the FDIC Insurance coverage limit.
Louisiana Legislative Auditor website: 12/13/2025 03:17:17 PM
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