is cit fdic insured

 Yes, **CIT Bank is covered by the FDIC. **

 Here's a detailed explanation:

 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 indicates that First-Citizens Bank & Trust Company's FDIC insurance covers your CIT Bank deposits. * **FDIC Insurance Coverage:** The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects bank 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 essential for determining your potential coverage. Different categories include:

    * **Single Accounts:** Accounts owned by one person (e.g., individual checking, savings, CDs).  These are covered for up to $250,000 per individual.    Joint accounts are those held by two or more individuals. A joint account with two owners could be insured up to $500,000. Since each co-owner is covered up to $250,000,    * **Certain Retirement Accounts:** Including IRAs, are insured up to $250,000 per owner, separate from other accounts.

    *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 to find out if you have gone over the institution-specific federal insurance deposit limit. * What FDIC Insurance Covers: * The following deposit products are covered by FDIC insurance:    * Checking accounts

    * Savings accounts

    * Money market deposit accounts (MMDAs)

    * Certificates of Deposit (CDs)

    * Cashier's checks, money orders, and other official items issued by a bank.

 * **What FDIC Insurance Does NOT Cover:** It's crucial to understand that FDIC insurance does not cover:

    * 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.  Savings bonds, Treasury bills, or Treasury notes * **Automatic Coverage:** You don't need to apply for or purchase FDIC insurance.  It's automatic for any deposit account opened at an FDIC-insured bank.

 * **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 summary, when you deposit money with CIT Bank (a division of First-Citizens Bank & Trust Company), your funds are safe and insured by the FDIC up to the standard limits, just like with any other FDIC-insured bank.  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.

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