Cross River Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails.
What is insured by the FDIC?
All types of deposits held by Cross River Bank are covered by FDIC insurance including:
- Checking Accounts
- NOW Accounts
- Savings Accounts
- Money Market Savings Accounts
- Certificates of Deposit
- Outstanding Cashier’s Checks, Money Orders, Loan Disbursement Checks, Interest Checks and Drafts issued by Cross River Bank
What amount of insurance coverage do I have for my accounts?
(As of January 01, 2013)
Basic FDIC insurance is $250,000 per depositor, per insured financial institution.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
Coverage Over Basic Insurance:
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. In addition to the separate, unlimited insurance coverage on noninterest - bearing consumer and business checking accounts, it is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single; (2) joint; (3) revocable trust (informal revocable trusts such as “Payable-on-death” accounts and formal revocable trusts such as living/family trusts created for estate planning purposes); (4) irrevocable trusts; (5) certain retirement plans; (6) employee benefit plans; (7) business (corporation, partnership, unincorporated associations); and (8) government.
If you still have questions, please contact the FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at www.fdic.gov.
Understanding Deposit Insurance:
Please feel free to review the FDIC’s “Understanding Deposit Insurance” page which includes Deposit Insurance Videos, Frequently Asked Questions, Brochures, History, What’s Covered, and Tools and Resources: https://www.fdic.gov/deposit/deposits/