How is Republic Bank insured?
Republic Bank is aware of recent news regarding the collapse of two major U.S. banks and wants to assure our customers that we remain in a safe and secure environment. We encourage you to understand how your deposits are insured and protected with us.
Is Republic Bank sound?
Yes, we continue to be in a strong and stable financial position.
How is Republic Bank insured?
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What is the FDIC coverage?
Let's say you have a checking account, a savings account, and a CD (Certificate of Deposit) at a member bank, with a total balance of $300,000. As long as your deposits are within the FDIC-insured limit of $250,000 per depositor, per insured bank, you are fully covered. In this case, $250,000 of your deposits would be insured, and the remaining $50,000 would not be covered.
For families, this means that each person in the family can have their own individual FDIC coverage. So if a family of four has four separate deposit accounts with a total balance of $1 million at a member bank, each family member would be insured up to $250,000 for a total coverage of $1 million.
Overall, FDIC coverage provides an added layer of protection and security for your deposits in the event of a bank failure, giving you peace of mind knowing that your money is safe and insured.
It's important to note that FDIC coverage applies to deposits held in member banks and does not cover other financial products like stocks or mutual funds. It's also important to check if your bank is a member of the FDIC to ensure that your deposits are insured.
How can I get Deposit Insurance?
Depositors do not need to apply for or purchase FDIC deposit insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank. If you want your funds insured by the FDIC, simply place your funds in a deposit account at an FDIC-insured bank and make sure that your deposit does not exceed the insurance limit for that ownership category. See “Are My Accounts Insured by the FDIC?” for more information about the types of insurable products that are covered by FDIC insurance and the amount of deposit insurance coverage that may be available under FDIC’s different ownership rights and capacities. each.
Q: Is every financial product at a bank covered by the FDIC?
A: No. FDIC deposit insurance only covers certain deposit products, such as checking and savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). See “Are My Accounts Insured by the FDIC?” for a full list of the types of deposit products that are covered by FDIC insurance and the amount of deposit insurance coverage that may be available under FDIC’s different ownership categories.
Investment products that are not deposits, such as mutual funds, annuities, life insurance policies and stocks and bonds, are not covered by FDIC deposit insurance. See “Financial Products that Are Not Insured by the FDIC” for more information about uninsured financial products.
FDIC Insurance Overview – how your account is insured:
The following FDIC resources are available to describe in detail how accounts are insured:
- Are your accounts covered? https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/
- Understanding Deposit Insurance- https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/
How can I determine my coverage with Republic Bank?
The FDIC offers an Insurance Estimator tool that allows you to determine your coverage based on your personal situation: https://edie.fdic.gov/calculator.html?
Where can I learn more about Republic Bank’s financials?
Republic Bank’s most recent Annual Report and additional documents are available on the Investor Relations Section of our website, under Featured Documents: https://investors.myrepublicbank.com/overview/corporate-profile/default.aspx?iid=100298