Summary
In case of a crisis, your money should be secure—backed by the full faith and credit of the U.S. government. Banking at FDIC-insured financial institutions like OneUnited Bank gives you the financial security and peace of mind that you deserve, knowing that your money is protected and insured.
With the rise of fintech companies promising convenience, it’s easy to assume that all financial institutions offer the same level of security. But in reality, not all institutions are FDIC-insured.
What Does It Mean to Be FDIC Insured?
FDIC stands for the Federal Deposit Insurance Corporation, a government-backed agency that protects your money in the event of a bank failure. If your deposits are held at an FDIC-insured bank, they are protected up to $250,000 per depositor, per ownership category, per bank—which means your money is safe even if the bank experiences financial trouble. Checking accounts, savings accounts, money market deposit accounts, certificates of deposit (CDs), and bank-issued cashier’s checks and money orders fall under FDIC coverage with OneUnited Bank.
“Per ownership category” refers to different types of accounts, not individual accounts themselves. This means you could have more than $250,000 insured at the same bank if they fall into different ownership categories, including:
- Single accounts – These are accounts owned by one person.
- Joint accounts – Each co-owner is eligible for potentially $250,000 of coverage if all requirements are met.
- Business Banking Accounts – These are the combined deposits owned by corporations, partnerships, and unincorporated associations. Note this does not include sole proprietorships, which are counted as single account deposits of the owner.
- Several other accounts count as different ownership categories, such as revocable trust accounts or certain retirement accounts. We do not, however, offer these accounts at OneUnited Bank.
The Big Difference Between Us and Fintech Companies
Fintech companies might offer sleek digital banking apps and innovative financial tools, but many of them are not banks—they are technology platforms that partner with banks or provide financial services through third parties.
That means your deposits may not have the same protections as they would at an FDIC-insured institution like OneUnited Bank.
We go beyond offering financial applications—we are a federally regulated bank that meets rigorous federal standards to ensure your money is protected. When you bank with us, your deposits are secure, insured, and backed by the full faith and credit of the U.S. government.
At OneUnited Bank, we are proud to provide innovative digital banking solutions— while also ensuring that your deposits are federally protected. Because your financial wellness isn’t just a priority—it’s our mission.
