Yes, **CIT Bank is FDIC insured. **
For a more in-depth explanation, see: It is essential to note that CIT Bank operates as a division of First-Citizens Bank & Trust Company. * **CIT Bank is a Division of First-Citizens Bank & Trust Company** This means that your deposits with CIT Bank are covered under the FDIC insurance of First-Citizens Bank & Trust Company.
* **FDIC Insurance Coverage:** The Federal Deposit Insurance Corporation (FDIC) is an independent government agency that safeguards depositors in the event of a bank failure. * **Standard Coverage Limit:** For each account ownership category, the standard FDIC insurance amount is $250,000 per depositor, per FDIC-insured bank. **
* **Account Ownership Categories:** This "ownership category" is key to understanding how much coverage you might have. Various subcategories include: *Single Accounts: Individually owned accounts like individual checking, savings, and certificates of deposit These are covered for up to $250,000 per individual. * **Joint Accounts:** Accounts owned by two or more people. Each co-owner is insured up to $250,000, meaning a joint account with two owners could be insured up to $500,000.
*Separate from other accounts, certain retirement accounts, including IRAs, are covered up to $250,000 per owner. *Trust Accounts: Depending on the number of beneficiaries and the structure of the trust, trust accounts can offer coverage that is even higher. *Combined Limits: Since CIT Bank is a division of First-Citizens Bank & Trust Company, your deposits in both First-Citizens Bank & Trust Company and CIT Bank are not separately insured. They are combined for the purpose of determining if you have exceeded the federal insurance deposit limit for that single institution.
* What FDIC Insurance Covers: * The following deposit products are covered by FDIC insurance: * Accounts for checking * Accounts for savings * Money market deposit accounts (MMDAs)
* Certificates of Deposit (CDs)
* Official bank products like money orders, cashier's checks, and so on. *What FDIC Insurance Doesn't Cover: It's important to know that FDIC insurance does not cover the following: * Investments in stocks, bonds, mutual funds, annuities, or municipal securities (even if purchased through the bank).
* Insurance policies for life * Contents of safe deposit boxes.
* U.S. Treasury bills, savings bonds, or Treasury notes.
* Automatic Coverage: You don't have to apply for FDIC insurance or buy it. Any deposit account opened at an FDIC-insured bank will automatically receive it. * **Peace of Mind:** The FDIC has a long history of protecting depositors. Since its establishment in 1933, no depositor has lost a penny of FDIC-insured funds due to a bank failure.
In conclusion, just like with any other FDIC-insured bank, when you deposit money with CIT Bank, a division of First-Citizens Bank & Trust Company, your funds are protected and insured by the FDIC up to the standard limits. Consider using the FDIC's Electronic Deposit Insurance Estimator (EDIE) to determine your specific coverage if you have substantial deposits and are familiar with the various ownership categories.
