The Federal Deposit Insurance Corp. on Tuesday voted to simplify rules on joint accounts and some trust accounts.

Under the new rule, owners of a joint account will be insured for up to $100,000 each, not $100,000 total. For example, a husband, wife, and child with a $300,000 joint account would each be insured for $100,000, rather than $33,333 apiece under current law.

The rule also lets parents and siblings be insured beneficiaries of a payable-on-death account. Previously, only a spouse, child, or grandchild could qualify for this coverage.

The FDIC proposed the rule change in July after learning that bank customers and employees alike were confused by existing regulations, leading some customers to allocate funds unwisely and lose money when their bank failed. The rule takes effect upon its publication in the Federal Register, expected within a week or two.

Also Tuesday, the FDIC board approved a rule that will reduce the burden on certain banks that use internal models to measure market risk.

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