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You are protected with FDIC insurance.

Member FDIC

CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category. This includes deposits held with OneWest Bank, a division of CIT Bank, N.A.

CIT Bank, N.A. acquired Mutual of Omaha Bank on January 1, 2020. Immediately upon acquisition, Mutual of Omaha Bank was merged with CIT Bank. All Mutual of Omaha Bank deposits are now deposits of CIT Bank. CIT Bank and OneWest Bank are part of 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 CIT Bank, N.A., you should include deposits held in OneWest Bank.

Customers with Deposits at both Institutions on January 1, 2020
Customers who held deposits at both Mutual of Omaha Bank and CIT Bank, N.A. (including its OneWest Bank division) as of January 1, 2020, are given a six-month grace period to restructure their accounts, if necessary.  Under FDIC rules, Mutual of Omaha Bank deposits as of January 1, 2020, will be separately insured for a minimum of six months from any account balances held at CIT Bank or OneWest Bank on January 1, 2020. This will continue through June 30, 2020, giving affected customers a six-month grace period to restructure their accounts, if necessary, to avoid exceeding the $250,000 federal deposit insurance limit per depositor for each account ownership category. After June 30, 2020, those grandfathered account balances are also counted in determining whether a depositor has exceeded the $250,000 federal deposit insurance limit.

The six-month grace period applicable to FDIC insurance for customers with deposits at both institutions as of January 1, 2020 may be extended in the case of Mutual of Omaha Bank time deposits (Certificate of Deposit accounts) existing on January 1, 2020. Such time deposits will continue to be separately insured until the earliest maturity date after the end of the six-month period. In the case of time deposits which mature within six months of the merger date and which are renewed at the same dollar amount (either with or without accrued interest having been added to the principal amount) and for the same term as the original deposit, the separate insurance applies to the renewed deposits until the first maturity date after the six-month period. Time deposits that mature within six months of the deposit assumption and that are renewed on any other basis, or that are not renewed and thereby become demand deposits, are separately insured only until the end of the six-month period.

Here are a few common questions regarding FDIC insurance:

What does FDIC deposit insurance cover?
FDIC deposit insurance covers deposits received at CIT Bank, including savings 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 for each account ownership category. Visit the FDIC website for more information.

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 from an insured bank. The FDIC does not insure US Treasury Bills, Savings Bonds or Treasury Notes.

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 877-275-3342 to discuss your FDIC coverage or any questions you may have regarding FDIC insurance.