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Is City National Bank insured by FDIC?

Published in FDIC Insurance 3 mins read

Yes, City National Bank of Florida is an FDIC-insured institution. This means that deposits held at City National Bank of Florida are protected by the Federal Deposit Insurance Corporation (FDIC) up to the standard insurance maximum.

Understanding FDIC Insurance

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors of insured banks against the loss of their deposits if an FDIC-insured bank fails. Established in 1933, the FDIC plays a crucial role in maintaining stability and public confidence in the nation's financial system.

Key aspects of FDIC insurance:

  • Deposit Protection: The FDIC insures deposits, which include checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs).
  • Standard Coverage Limit: The standard insurance amount is \$250,000 per depositor, per FDIC-insured bank, for each account ownership category. This means that if you have multiple accounts at the same bank but in different ownership categories (e.g., individual, joint, retirement), each category can be insured separately.
  • Automatic Coverage: If a bank is FDIC-insured, deposit insurance is automatic. You do not need to apply for it.
  • Not a Broker-Dealer: It is important to note that City National Bank of Florida is an FDIC-insured institution and not a broker-dealer. This distinction highlights its primary function as a deposit-taking bank.

Benefits of FDIC Coverage

For account holders, FDIC insurance provides significant peace of mind. Knowing your deposits are protected offers a sense of security, especially during times of economic uncertainty.

Common types of accounts covered by FDIC insurance:

  • Checking accounts
  • Savings accounts
  • Money market deposit accounts (MMDAs)
  • Certificates of Deposit (CDs)

Types of accounts and financial products not covered by FDIC insurance:

  • Investments in mutual funds
  • Stocks
  • Bonds
  • Life insurance policies
  • Annuities
  • Safe deposit box contents
  • Cryptocurrencies

FDIC Coverage at a Glance

To illustrate how the standard insurance limit applies, consider the following examples for a single FDIC-insured bank:

Account Ownership Category Maximum Insured Amount Example
Single Accounts \$250,000 Funds owned by one person in one or more accounts in their own name (e.g., checking, savings, CD totaling \$250,000 or less).
Joint Accounts \$500,000 Funds owned by two or more people, jointly (e.g., two co-owners of a joint savings account, each insured up to \$250,000, for a total of \$500,000).
Certain Retirement Accounts \$250,000 Funds in IRA, 401(k), SEP IRA, SIMPLE IRA, self-directed Keogh plans.

For more detailed information on FDIC coverage and to verify the insured status of any financial institution, you can visit the official FDIC website or refer to the bank's own resources, such as City National Bank of Florida's FDIC information page available at www.citynational.com/resources/fdic-insurance-information.