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.1
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.
1 OneWest Bank, a division of CIT Bank, N.A. and CIT Bank, N.A. are 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 OneWest Bank, a division of CIT Bank, N.A., you should include deposits held in CIT Bank, N.A.