• FDIC Insured Bank

    OneWest Bank is a division of CIT Bank, N.A., a FDIC insured bank. The Federal Deposit Insurance Corporation (FDIC) fully insures deposit accounts with OneWest Bank, a division of CIT Bank, N.A. up to $250,000 per depositor, for each account ownership category.

    CIT Bank, N.A. acquired Mutual of Omaha Bank on January 1, 2020. Immediately upon acquisition, Mutual of Omaha Bank was merged with CIT Bank. All Mutual of Omaha Bank deposits are now deposits of CIT Bank. CIT Bank and OneWest Bank are part of the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in CIT Bank, N.A., you should include deposits held in OneWest Bank. However, Mutual of Omaha Bank deposit account balances existing on January 1, 2020 will continue to be separately insured by the FDIC for a period of six months following the transaction, through June 30, 2020. After that date, those grandfathered account balances are also counted in determining whether a depositor has exceeded the $250,000 federal deposit insurance limit.

    Special rules apply to FDIC insurance applicable to Mutual of Omaha time deposits (Certificate of Deposit accounts) existing on January 1, 2020. Such time deposits will continue to be separately insured until the earliest maturity date after the end of the six-month period. In the case of time deposits which mature within six months of the merger date and which are renewed at the same dollar amount (either with or without accrued interest having been added to the principal amount) and for the same term as the original deposit, the separate insurance applies to the renewed deposits until the first maturity date after the six-month period. Time deposits that mature within six months of the deposit assumption and that are renewed on any other basis, or that are not renewed and thereby become demand deposits, are separately insured only until the end of the six-month period.

    Here are a few common questions regarding FDIC insurance:

    What does FDIC deposit insurance cover?

    FDIC deposit insurance covers all types of deposits received at OneWest Bank, including deposits to checking, savings, money market accounts, and time deposits such as certificates of deposit. FDIC deposit insurance covers the balance of each depositor’s account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest.

    What is the FDIC insurance limit?

    The FDIC insurance limit is $250,000 per depositor, per insured financial institution. But did you know that accounts maintained in different forms of ownership (for example, single owner accounts, joint owner accounts, certain retirement accounts, revocable trust accounts including pay-on-death accounts) may each be separately insured up to $250,000? That makes it possible to have deposits of more than $250,000 at one insured bank and still be fully insured.

    What is not covered by the FDIC

    The FDIC does not insure investments in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities; even if you bought these products form an insured bank. The FDIC does not insure US Treasury Bills, bonds or notes. These are backed by the US government.

    Get to Know EDIE – The Insurance Coverage Estimator

    The FDIC has created the Electronic Deposit Insurance Estimator (EDIE) to assist you in calculating the FDIC insurance coverage on your accounts. By using EDIE, you can easily determine if your deposits are within or exceed FDIC coverage limits. To access the EDIE calculator, click here or you may contact the FDIC at 1.877.275.3342.

    You are also welcome to visit your nearest OneWest Bank branch or call us at 1.800.750.8521 today to discuss your FDIC coverage or address any questions you may have regarding FDIC insurance.