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In times of uncertainty, it’s natural to be concerned about your financial well-being and the safety of your money. Citizens Bank remains deeply committed to our customers, and we’re working hard to support you during this time. Our bank has never been stronger in terms of the capabilities and financial resources we offer. Part of our ongoing commitment is ensuring our customers’ deposits are always protected and insured up to the maximum allowable amount by law.
Citizens Bank is an insured member of the Federal Deposit Insurance Corporation (FDIC), which means deposits in all types of accounts are insured, dollar-for-dollar, up to $250,000 per person. It’s a pretty impressive security blanket for our nation’s banking system, and we’re proud to be a part of it.
Here’s more information on how the FDIC works to protect your finances.
What is the FDIC and what does FDIC-insured mean?
Congress established the FDIC in 1933 to strengthen the banking system and protect consumers and their savings. The FDIC insures all deposits placed in its member banks and savings associations. Any time an insured financial institution isn’t able to operate, the FDIC guarantees that the bank’s customers will have their deposits covered. In short, the FDIC insures your bank deposits so you can be assured your money is always protected.
The FDIC is an independent agency of and supported by the United States government. To be FDIC insured, financial institutions pay regular insurance premiums. Most banks today are insured, but you can look up all FDIC-insured institutions directly on the FDIC website.
In the unlikely event that a bank finds itself in financial trouble, the FDIC immediately steps in to take control and safeguard customers’ accounts. Within days, they either safely establish a new account at another financial institution or pay customers directly for the insured balance of their account. Customer deposits are always protected up to the $250,000 limit. In fact, the FDIC has not lost a single penny of insured funds since opening its doors in 1933. The FDIC also actively monitors and examines banks to make sure they’re financially sound and healthy, and also that they comply with consumer protection laws.
What kind of accounts are covered and for how much
The FDIC insures all deposits made at an FDIC-insured bank. This covers checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).
FDIC insurance does not cover any type of investment that is not technically a deposit, including investment products or other bank services like stocks, bonds, mutual funds, life insurance policies, annuities, or securities. The FDIC website has detailed information about which types of accounts are covered as well as any products that are not.
For insured deposit accounts, the FDIC sets out a list of ownership categories that are fully covered. This includes individual accounts, joint accounts, certain retirement accounts, trust accounts, employee benefit plan accounts, business accounts, and government accounts. The FDIC insures up to $250,000 per depositor for each account ownership category, at each insured bank. In addition to your individual accounts, you’re also insured separately for any joint accounts or retirement accounts. The FDIC website also provides an in-depth summary of what each ownership category means and what requirements must be met.
| Single Account | $250,000 coverage per owner |
| Certain Retirement Accounts | $250,000 coverage per owner |
| Joint Account | $250,000 coverage per co-owner |
| Revocable Trust | $250,000 coverage per beneficiary |
| Irrevocable Trust | $250,000 for the trust; more coverage available if requirements are met |
| Employee Benefit Plan | $250,000 for the noncontingent interest of participants |
| Corporation, Partnership, or Unincorporated Association Account | $250,000 per corporation, partnership or unincorporated association |
| Government Account | $250,000 per official custodian |
For an individual with $260,000 in a certificate of deposit (CD) and $50,000 in a savings account, you would be insured for $250,000 and have $60,000 uninsured.
For joint accounts, things are slightly different. Let’s say you’re a couple and you have $500,000 in a joint savings account. Each co-owner of the account would be insured for $250,000. If you also had a qualifying retirement account for $250,000, you would be fully covered for $750,000.
If you have accounts at another FDIC-insured bank, these accounts are also insured for up to another $250,000 per ownership category.
Want to know how much coverage you have? Check out the FDIC's Electronic Deposit Insurance Estimator and calculate coverage based on your personal situation.
We're ready to protect your saving
The bottom line is that in times of uncertainty, we have your back and there are strong measures in place to help protect you, your family, and your financial future. We’re here to help you and answer any questions you might have. Please don’t hesitate to contact us online.
Do you have questions about how the coronavirus pandemic is impacting your banking services? We’re ready to help. Check out the COVID-19 Resource Center for regularly updated news to stay informed and find resources for the support you need.
