FDIC Insurance

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails.

As a federally-insured bank, customer deposits at Citizens Bank & Trust are protected by FDIC insurance. In the almost ninety-year history of the FDIC, no one has ever lost a penny on an insured deposit.

Frequently Asked Questions (FAQ)

What types of accounts are eligible for FDIC insurance?

FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW (Negotiable Order of Withdrawal) accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs) up to the insurance limit.

The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank or savings association.

What is the FDIC insurance limit?

If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank or savings association, you do not need to worry about your insurance coverage — your deposits are fully insured. A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.

How do I know if my accounts are covered?

The FDIC provides an Electronic Deposit Insurance Estimator (EDIE), which can help you determine how the insurance rules and limits apply to your specific group of deposit accounts. The Electronic Deposit Insurance Estimator can be found here. EDIC can calculate the insurance coverage for accounts, and generates a report that can be printed for your records.

What if my deposit accounts are higher than the FDIC limit?

At Citizens Bank & Trust, you can gain access to FDIC Insurance above $250,000 through a single banking relationship. Our Cash Sweep banking solution is a convenient and secure way for bank customers with multi-million-dollar deposit accounts to have protection backed by the FDIC.

In addition, the Bank utilizes a similar product, known as CDARS (Certificates of Deposit Account Registry Service), for businesses to achieve full FDIC coverage for deposits.

Instead of individual customers opening accounts at multiple financial institutions, which takes additional time and resources, Citizens Bank & Trust works with a service network to simplify this process for you. Our experienced bankers can work with you one-on-one to customize a plan that both saves you time and protects your money.