FDIC Coverage

Merger Frequently Asked Questions

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.

For Wealth Management Clients: Please contact your Advisor with any questions you may have regarding possible changes in your FDIC insurance.

For information on FDIC insurance, please visit the FDIC’s website (https://www.fdic.gov/deposit/deposits/) or call 1-877-ASK-FDIC (1.877.275.3342).
If you maintained accounts at both institutions on August 3, 2015, you will receive an additional communication outlining a grace period during which some of your deposits will be separately insured by the FDIC. This grace period will provide you with an opportunity to reorganize your accounts, if necessary, to ensure the accounts do not exceed the insurance coverage limit. For information on FDIC insurance coverage, please visit the FDIC at www.FDIC.gov/deposit/deposits or call 1-877-ASK-FDIC (1.877.275.3342).